probability

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Probability

The relative likelihood of a particular outcome among all possible outcomes.

probability

the likelihood of a particular uncertain event occurring, measured on a scale from 0.0 (such an event is impossible) to 1.0 (such an event is certain to occur). People generally estimate probabilities on the basis of the relative frequency with which an event has occurred in the past, under given circumstances, and generalize from this past experience. In some circumstances it is easy to estimate the proportion of occasions on which an event occurs; for example, the probability of getting ‘heads’ when flipping a balanced coin is 0.5 because with such a coin in the long run we would get 50% ‘heads’ and 50% ‘tails’. In estimating probabilities in business situations, though, there may be no or only a few previous experiences that can be used to gauge the relative frequency of an event occurring. See also RISK AND UNCERTAINTY.
References in periodicals archive ?
He has even odds against Masvidal, who has been named a -130 favorite.
He said our sacrifices and joint national resolve helped us in offsetting all odds against the country.
But they are odds against (11-10) to beat Everton and as big as 6-4 to qualify from the tie ?
Despite the tragic loss and the odds against them, they rally with humor, love, and remarkable resourcefulness.
It's fiction, thank heaven, but fiction with an edge: Zuckor's job description and his paranoid calculations ate well grounded in reality, and Odds Against Tomorrow underscores the tenuous line between order and chaos.
Indeed the odds against have been put at almost 43,000 to 1 for the average golfer.
Meanwhile, Coral have eased Harbinger to odds against for the Juddmonte International following the ground warning connections issued on Tuesday.
Before Fabio and his brave boys jetted out to the World Cup finals, Wayne Rooney was second or third favourite in the betting for the prestigious prize, with single-figure odds against his name.
As for the odds against something happening: if Mr Hancock placed a bet at millions to one against and his horse came in first, what would he say if the bookie refused to pay out on the grounds that 'the odds were far too great' so it couldn't possibly have happened?
That's the way that it's looking - believe me I don't know, I am just giving an answer and a reasonably formed opinion - it's looking odds against," said Still after Eriksson met Thaksin on Sunday for what had previously been described as "cordial" talks.
The odds against saving a Cadbury's factory were always against the workers following a vote to stop fighting the closure, union leaders said yesterday.