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 ?
Han, "A probabilistic and interval hybrid reliability analysis method for structures with correlated uncertain parameters," International Journal of Computational Methods, vol.
Here, it is noted that (R, G, *) is a probabilistic normed space.
The generic modular integrated probabilistic model of software reliability estimation and its modification for the multiversion software with the distributed architecture are adapted to the modern analysis and software development methods; in particular the option of application of the models for the software building following the object-oriented approach is presented there.
Regarding the GL simulations, they aim at capturing in an accurate way the data dependency characteristic to the probabilistic sub-powered CMOS logic devices.
We postprocess ensemble members separately, then combine to deliver probabilistic forecasts for the whole world, even regions without observations.
AIR's probabilistic cyber model estimates the likelihood, severity, and economic and insurance impact of security breach and cloud service provider downtime incidents; cloud service provider downtime incidents are one of the most likely forms of aggregation risk for cyber.
"We're excited to be both one of the first users of AIR's new probabilistic cyber model and a part of the model's development," commented Ian Newman, partner and global head of cyber at reinsurance broker Capsicum Re.
A probabilistic approach, using Monte Carlo (MC) simulation, to establish OELs is investigated in this study.
Third, the traditional RfD can be replaced with a probabilistic RfD, represented by the lower 95% confidence bound of the HDmi.
The Phivolcs will unveil on Wednesday the Philippine Earthquake Model (PEM) Atlas, a handbook of 'probabilistic seismic hazard maps' that could assist engineers in designing buildings and structures resilient to earthquakes.
A probabilistic robust beamforming design problem under a single-cell system with multiple-antenna transmitter and K single-antenna receivers was studied in [18, 19].