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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?