CONTINGENT PROBABILITY Meaning and
Definition
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Contingent probability refers to the likelihood or chance of an event occurring based on certain conditions or circumstances. It represents a probability that is dependent on specific factors, events, or conditions being present or occurring.
In contingent probability, the chance of an event happening is influenced by the outcome or occurrence of another event or a specific condition. It is distinct from simple probability, where the likelihood of an event is calculated without considering any prerequisites.
For instance, if there are two scenarios, A and B, the contingent probability of event X happening in scenario B would be different from its probability in scenario A. The probability of event X occurring in scenario B would then be contingent upon the presence or occurrence of certain conditions, events, or factors unique to scenario B.
Contingent probability is commonly used in various fields such as finance, insurance, and decision making, where the likelihood of specific outcomes or events has dependencies on other variables or conditions.
It is often represented mathematically using conditional probability, where the likelihood of an event is calculated under a specific condition or premise. The formula for calculating contingent probability often involves dividing the number of favorable outcomes by the number of total outcomes, given the specific condition.
Contingent probability allows for a more accurate assessment of probabilities since it takes into account the dependence on other factors or events. It helps in making informed decisions and evaluating the potential outcomes in situations where outcomes are not solely based on chance but also on specific conditions.
Common Misspellings for CONTINGENT PROBABILITY
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Etymology of CONTINGENT PROBABILITY
The word "contingent" is derived from the Latin word "contingens", which means "touching upon, happening by chance". It comes from the present participle of the verb "contingere", which means "to touch, to happen". The word "probability" is derived from the Latin word "probabilitas", which means "likelihood". It comes from the Latin word "probabilis", which means "likely, credible". When combined, "contingent probability" refers to the likelihood or chance of an event happening based on the possibility of various conditions or circumstances.
Similar spelling word for CONTINGENT PROBABILITY
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