Which term describes the likelihood of an event within the sample space?

• A. Likelihood
• B. Odds
• C. Theoretical Probability
• D. Probability

Answer: (D)

This question is about the measure used to describe how likely an event is when you consider all possible outcomes, the sample space. That measure is probability. It is the ratio of the number of favorable outcomes to the total number of outcomes in the sample space, assuming each outcome is equally likely. For example, in a fair six-sided die, the chance of rolling a four is one favorable outcome out of six total outcomes, so the probability is 1/6. Theoretical probability refers to calculating this likelihood from a model, but the general term used for the likelihood itself is simply probability. Odds describe a different way to compare favorable and unfavorable outcomes, and likelihood in some contexts can mean something else, so the standard term for the likelihood of an event within the sample space is probability.