Which term is used to measure the likelihood that an event will occur?

The term used to measure the likelihood that an event will occur is probability. Probability quantifies how likely it is for a specific event to happen, expressed as a number between 0 and 1, where 0 indicates that the event will not occur and 1 indicates certainty that the event will happen. This concept is fundamental in various fields, including statistics, finance, and engineering, as it allows for making informed decisions based on the likelihood of different outcomes.

Other terms, while related, serve different purposes. Statistics involves the collection, analysis, interpretation, and presentation of data but does not directly measure likelihood. Risk assessment evaluates the potential risk or adverse effects of certain events but is broader than just measuring the likelihood. Forecasting refers to predicting future events based on historical data and trends, which may include probabilities but is ultimately a more comprehensive approach than just determining likelihood.