probability

Probability of occurrence (also probability of damage, frequency of damage) denotes the statistical expectation or estimated probability of occurrence of a particular event in a given period in the future. The likelihood of occurrence is a concept of probability calculation or statistics and is given as a percentage or as a value between 0 and 1.

  • 0 means: the event will never happen; impossible event
  • Values near 0; unlikely event
  • Values near 1; probable event
  • A value of 1 means that the event will occur in any case; safe event.

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