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 ?
The prosecution said Corona, as a former chief justice of the Supreme Court, knew that a determination of probable cause at this stage was confined only to justification for the issuance of an arrest warrant against him.
Walters tried to explain the importance of our constitutional protections against warrantless searches without probable cause, the Fox commentator retorted: "You can argue theory and constitutional rights all day long, but as you know, laws can be changed, the Constitution can be changed, and sometimes they have to be.
Constitution reads as follows: "The right of the people to be secure in their persons, houses, papers and effects, against unreasonable searches and seizures, shall not be vio-lated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
an asset or the nonrecording of a liability) in the tax provision, it must be probable that the position would be sustained on its merits.
4) Requiring an accrual for disallowance of tax positions that the enterprise "knows" (based on experience) are not of concern to the tax authorities even though a probable level of confidence cannot be satisfied, will overstate tax liabilities and expense.
For purposes of the investigation, a probable case-patient was defined as a person who had dined at the restaurant on February 22 or 24 and had experienced diplopia or blurred vision and at least 1 of the following symptoms: dysphagia, dry mouth, dysarthria, upper/lower extremity weakness, dyspnea, and severe constipation.
A detainee filed a civil rights complaint alleging that he was arrested without a warrant and detained unlawfully for eight days without a judicial determination of probable cause.
So far a total of eight people in the UK have been classed as a probable Sars case at one time or another.
Market value (fair market value) reflects a professional opinion of the estimated most probable price expressed in terms of cash in U.
One could present dialectic as the study of debate or disputation; one could present dialectic as the study of the Topics; or one could present dialectic as the study of probable argumentation.
The electron's position at any given moment is best represented by a hazy cloud, which specifies only its probable location.
All advertising costs must be expensed in the periods they are incurred or the first time the advertising takes place, unless it is direct-response advertising that results in probable future economic benefits (future benefits).

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