The likelihood of an event occurring is measured by?

The likelihood of an event occurring is quantified by probability, which is a fundamental concept in statistics. Probability measures the chance that a specific event will happen, expressed as a number between 0 and 1. A probability of 0 indicates that the event cannot occur, while a probability of 1 indicates that the event will certainly occur.

In a probability model, you can determine outcomes and their corresponding probabilities based on empirical data or theoretical models. This precise measurement allows statisticians and researchers to make informed predictions and informed decisions based on the likelihood of various outcomes.

Other concepts listed do not directly measure the likelihood of events. The mean provides a measure of central tendency, the confidence interval estimates the range in which a population parameter lies with a certain level of confidence, and the standard deviation quantifies variability or dispersion around the mean. Thus, while all these metrics are important in statistics, only probability specifically addresses the likelihood of events.