LIKELIHOODS Meaning and
Definition
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Likelihoods refers to the chances or probabilities of a particular event or outcome occurring. It is the measure of how likely something is to happen. This term is often used in statistical analysis, where likelihoods are calculated to assess the plausibility of different hypotheses or to make predictions based on collected data.
In the field of statistics, likelihood is a fundamental concept used to model uncertainty and estimate parameters. Likelihoods are typically represented as numerical values ranging from 0 to 1, with 0 indicating impossibility and 1 indicating certainty. The higher the likelihood value, the more probable an event or outcome is considered to be.
Likelihoods are commonly calculated using various statistical techniques, including maximum likelihood estimation (MLE). MLE involves finding the parameter values that maximize the likelihood of observing the data given a specific statistical model. These likelihoods can then be compared to determine which hypothesis or model is most supported by the data.
Likelihoods are crucial for decision-making, risk assessment, and prediction in various fields. For example, in the field of medicine, likelihoods can help evaluate the effectiveness of a treatment or assess the risk factors associated with a disease. In economics, likelihoods can be used to predict market trends or evaluate investment opportunities.
Overall, likelihoods are a fundamental concept in statistics and provide a quantitative measure of the chances or probabilities of different events occurring.
Etymology of LIKELIHOODS
The word "likelihoods" is derived from the Old Norse word "lika", which means "to please" or "to be pleasing". In Middle English, "lik" or "like" was used as a noun meaning "pleasure" or "desire". Over time, "lik" became "likehood", which referred to the quality or state of being likely. Eventually, this term evolved into "likelihood", which is still used today to indicate the probability or chance of something happening. By adding the plural suffix "-s" to "likelihood", we obtain "likelihoods", referring to multiple probabilities or chances.
