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A measure/expression of how likely it is that some future event or future state will occur. A measure of uncertainty.

For example:
  • How likely it is that an asset will need to be replaced in a future predicted year.

A.  "Optimistic" Probability Concepts
B.  "Realistic" Probability Concepts 
C.  "Pessimistic" Probability concepts
Objectivist probability - statistical analysis and inferences.
Subjectivisit probability - based on the perceivers experiences and assumptions

See also: