probability

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Probability of occurrence (also probability of damage, frequency of damage) refers to the statistical expected value or the estimated probability of the occurrence of a certain event in a certain period of time in the future. The probability of occurrence is a term used in probability theory or statistics and is expressed as a percentage or as a value between 0 and 1.

  • 0 means: the event will never occur; 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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