Probability

Probability

How likely something is to happen, usually expressed as the ratio of the number of ways the outcome may occur to the number of total possible outcomes for the event. For instance, each time you throw a dice there are six possible outcomes, but in only one of these can a six come up. Thus the probability of throwing a six on any given throw is one in six. The fact that you threw a six last time does not alter the one-in-six probability of throwing a six next time (see risk).

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Part of Speech: noun
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Industry/Domain: Economy
Category: Economics
Company: The Economist
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Related terms

probability

Business services; Project management

The likelihood of occurrence. In the context of project risk, a measure of the likelihood of a risk occurring.

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Weather; Meteorology

The chance that a prescribed event will occur, represented as a pure number ''p'' in the range 0 ≤ ''p'' ≤ 1. The probability of an impossible event is zero and that of an ...

probability

Economy; Economics

How likely something is to happen, usually expressed as the ratio of the number of ways the outcome may occur to the number of total possible outcomes for the event. For instance, ...

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An economy in which traditional investment in areas such as natural resources, equipment and infrastructures lags behind immaterial items such as training and research and ...

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The techniques for extracting essential information from a large volume of data and presenting it in an easy-to-understand form, hiding all complexity, making it suitable for ...

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