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PIARC (World Road Association), founded in 1909 and comprising 125 member governments from all over the world, is the global forum for exchange of knowledge and experience on roads, road transport policies and practices. With consultative status to the Economic and Social Council of the United Nations, the Association is contributing to a stable and sustainable global development of the road and transport sector.

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Term of the Road Dictionary

likelihood

Language : PIARC Road Dictionary / English
Theme : Scientific and Technical Tools Mathematics and Statistics
Definition : Chance of something happening. Notes: 1. In risk management, the term is used to refer to the chance of something happening, whether defined, measured or determined objectively or subjectively, qualitatively or quantitatively, and described using general terms or mathematically (such as a probability or a frequency over a given time period). 2.The term does not have a direct equivalent in some languages; instead, the equivalent of the term “probability” is often used. However, “probability” is often narrowly interpreted as a mathematical term [ISO Guide 73].

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