probability

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Probability

The relative likelihood of a particular outcome among all possible outcomes.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
6, where the average D2D throughput for the Gaussian distribution shows better results than that of the random distribution.
This type of random distribution can be observed in uneven-aged and mixed forests with a reverse J-shaped DBH distribution and extremely small minimum balanced structure areas (BSA) and very low minimum balanced structure tree numbers (BSN) (Wehenkel, Corral-Rivas, Hernandez-Diaz, & von Gadow, 2011).
Tests were focused on the influence of rock content, size, and random distribution on macromechanical parameters and deformation characteristics.
(ii) Random distribution: in each cell of the CA lattice, there is a 50% chance of [V.sub.j] = 2v and a 50% chance of [V.sub.j] = 0.
(8) Considering the effect of the random distribution of vacancy defects, the Monte Carlo simulation repeats until sufficient times are completed to provide reliable results.
"It could be just a random distribution. Just a random event, and it's only a few," Jaffe said.
Caption: Left: Francois Morellet, Repartition aleatoire de 40.000 carres suivant les chiffres pairs et impairs et d'un annuaire de telephone (50% bleu nuit, 50% noir) (Random Distribution of 40,000 Squares Using the Odd and Even Numbers of a Telephone Directory [50% Night Blue, 50% Black]), 1961, silk screen on wood, 31 1/2 x 31 1/2".
In this model, when the slope (b) value is not significantly different from 1, it indicates a random distribution pattern; when the slope is significantly >1, it indicates an aggregated distribution pattern; and when the slope is significantly <1, it indicates a uniform distribution pattern (P < 0.05).
If the analyzed model exhibits random distribution, it is considered as inadequate to represent the studied phenomenon (Goneli et al., 2010).
But when we went there we could not locate a single house, due to the very random distribution of houses, even though all addresses were correct.
Lemma 2: The network with random distribution generates more error compared to the network with ideal distribution.