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 ?
Medium larvae showed an aggregated distribution on 10 sampling dates, a uniform distribution on 5 sampling dates, and a random distribution on 1 sampling date in 10 [m.
The Modified Halsey model showed higher determination coefficient, random distribution of residuals and lower values of relative and estimated mean errors, as well as lower magnitude in the chi-square test.
The random distribution of styrene microblocks in SIBR-THF and SIBR-TMEDA resulted in an almost unimodal distribution, even though there seemed to have a small peak in both curves (a) and (b) above 50[degrees]C.
The first estimation can be a uniform or random distribution of values, which converges towards the original with each step.
The Monte Carlo test suggests that locations of nest-sites do not differ significantly from a random distribution at either oxbow (P = 0.
The random distribution of funds to woo young voters is a political ploy of the Trinamool to remain in the seat of power, but it would be difficult for the party to be in power for a long time with their shallow political ideas," Udayan said.
Graphical representation of the L(t) function may be interpreted as follows: complete random distribution of points if L(t) does not deviate from zero; aggregated spatial distribution L(t)>0; and L(t)<0 suggests a regular distribution.
Regarding this aspect, Poole (1974) used another interpretation when 0 < k < 8, the aggregated distribution index and 0 > k > 8 indicated random distribution.
In the case of solids blending, the particle size need not change, but the distribution of particles throughout the mixture approaches a random distribution.
Benford's Law can be explained in terms of the random distribution of balls in boxes.
At a seminar in Kuwait's Economic Society, she said comprehensive development was based on appropriate employment of productive manpower not random distribution of wealth.
In the actual production workshop, operators on site cannot control the WIP inventory level in the form of an accurate quantity, but randomly adjust the production capacity in the manner of a random distribution by examining the inventory level of WIP buffer.