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Likelihood refers to the probability or chance that a certain event or outcome will occur. It is often used in statistical analysis to measure the plausibility of a particular hypothesis or model given observed data. The likelihood can be quantified using various statistical techniques such as maximum likelihood estimation. It is important to note that likelihood is not the same as probability, as it is a function of parameters rather than fixed values. Additionally, likelihood can be used in decision-making and risk assessment, where higher likelihoods represent greater certainty or confidence in an outcome. Overall, likelihood plays a crucial role in statistical inference and reasoning, helping researchers make informed conclusions based on available evidence.

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