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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 ?
Panelo, however, said if the Office of the Ombudsman finds probable cause, the President will not interfere in the case.
The revised competent persons report on Aje field, OML 113, shows a gross proved and probable resource of 138.2 million barrels of oil equivalent.
ruled the one-time candidate failed to show that officials lacked probable cause to charge him with election fraud.
'[W]arrants of arrests are not issued unless the courts' judges determine there is a probable cause, which means due process has been observed.
According to Rainsberger, Benner submitted a probable cause affidavit that was riddled with lies and undercut by the omission of exculpatory evidence.
In its 5-2 decision, the Court of Appeals said officers had probable cause to search the trunk based on the suspicious behavior of the driver, the presumed owner of the vehicle, during the stop.
After 18 hearings, the House Committee on Justice on Thursday found probable cause to impeach Chief Justice Maria Lourdes A.
Highlights include: Global Proven and Probable mineral reserves increased 28%, or 2.1 million ounces, to 9.8 million ounces of gold, grading 1.50 grams per ton of gold net of mining depletion, with grades increasing 16%.
Mario Joel Reyes for lack of probable cause in the 2011 killing of environment advocate and broadcaster Gerry Ortega.
"The Court of Appeals clearly disregarded jurisprudential parameters in the determination of the existence of probable causeIn finding no probable cause to arrest Reyes, the CA unfortunately conducted a fragmented analysis of the evidence before it, isolating each piece of evidence and concluding that it alone does not prove probable cause," Calida's motion read.He said the CA erred when it ruled that there was no probable cause to arrest Reyes even though it recognized the statement of prosecution witness Rodolfo "Bumar" Edrad Jr.
The study found that one in five definite or probable cases of congenital Zika virus syndrome had a head circumference within the range of normal, and in one third of definite or probable cases, the mother had no history of a rash during pregnancy.

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