text: probability: for equally likely outcomes, the number of favourable outcomes divided by the total number of possible outcomes of an experiment.\n\nlikelihood: Losses may be characterised by the probability or frequency with which they are likely to occur (in a particular environment). This probability or frequency is the likelihood of the loss. Likelihoods may be expressed qualitatively (on a scale from Frequent to Incredible, for example) or quantitatively (as a probability of occurrence within a specified interval, as a mean time between occurrences, or as a number of occurrences expected in a specified interval).