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| Confidence Terminology | Degree of confidence of being right |
|---|---|
| Very high confidence | At least 9 out of 10 chance |
| High confidence | About 8 out of 10 chance |
| Medium confidence | About 5 out of 10 chance |
| Low confidence | About 2 out of 10 chance |
| Very low confidence | Less than 1 out of 10 chance |
| Likelihood Terminology | Likelihood of the occurrence/outcome |
|---|---|
| Virtually certain | > 99% probability |
| Extremely likely | > 95% probability |
| Very likely | > 90% probability |
| Likely | > 66% probability |
| More likely than not | > 50% probability |
| About as likely as not | 33 to 66% probability |
| Unlikely | < 33% probability |
| Very unlikely | < 10% probability |
| Extremely unlikely | < 5% probability |
| Exceptionally unlikely | <1 % probability |
Should you insure your mobile phone? It rather depends on whether you focus on the long-term pay-off or the effect of a single event.
Should Louis go for the safer options, hoping to limit his losses, or would he be better off with a riskier strategy, focusing on maximising his profit?
How do scientists or mathematicians estimate the size of a population of wild animals?