What do you call the likelihood of an event occurring?

The likelihood of an event occurring is referred to as probability. This concept quantifies the chance that a specific event will happen, typically represented as a number between 0 and 1 or as a percentage. A probability of 0 indicates that the event will not happen, while a probability of 1 means that it is certain to occur.

In mathematical terms, probability is defined as the ratio of the number of favorable outcomes to the total number of possible outcomes. This quantification allows for a precise understanding of how likely an event is, making it a fundamental concept in statistics and various fields, including finance, science, and everyday decision-making.

Possibility, while it suggests a potential for something to occur, does not carry the same mathematical rigor as probability. Similarly, chance can convey a general idea of likelihood but lacks the precise definition offered by probability. Risk, on the other hand, often involves the potential for loss or negative outcomes and is not synonymous with the mere likelihood of an event occurring. Thus, probability is the most accurate term in this context.