noun the state or fact of something being likely; probability
adjective likely to happen; probable
In statistics, likelihood refers to the probability of observing a set of data given a specific statistical model.
Likelihood is commonly used in machine learning algorithms to estimate the probability of certain outcomes based on data.
Likelihood is used in epidemiology to assess the probability of an event occurring within a population.
Likelihood is a key factor in risk assessment, indicating the probability of a specific risk event happening.
In actuarial science, likelihood is used to estimate the probability of certain events occurring for insurance purposes.
Writers may use the term 'likelihood' when discussing the probability of events or outcomes in their writing, such as in fiction plots or non-fiction analysis.
Psychologists may use 'likelihood' when assessing the probability of certain behaviors or outcomes in their research or when discussing potential risks or benefits with patients.
Financial analysts may use 'likelihood' when evaluating the probability of different market trends, investment outcomes, or financial risks for their clients.
Risk managers may use 'likelihood' when assessing the probability of potential risks or hazards in various scenarios, such as in insurance underwriting or workplace safety assessments.
Statisticians may use 'likelihood' as a key concept in probability theory and statistical analysis to quantify the chances of different events or outcomes occurring based on data and models.