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TeachMeFinance.com - explain Probability Probability The term 'Probability' as it applies to the area of reclamation can be defined as ' The likelihood that the risk (event) will occur. The probability that the event will occur is measured based on the following guidelines:'. The term 'Probability' as it applies to the area of the weather can be defined as ' A chance, or likelihood, that a certain event might happen'. Previous 5 Terms: Privately owned electric utility PRN pro Probabilistic risk analysis Probabilistic risk assessment (PRA) Next 5 Terms: probability probability Probability Forecast Probability of failure Probability of Hail About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.