Contingent Probability (Noun)
Meaning
The probability that an event will occur given that one or more other events have occurred.
Classification
Nouns denoting attributes of people and objects.
Examples
- The researchers calculated the contingent probability of a person developing a disease given their family medical history.
- In actuarial science, contingent probability is used to assess the likelihood of an insurance claim being made based on the policyholder's prior claims history.
- The marketing team analyzed the contingent probability of a customer purchasing a product based on their past purchases and browsing history.
- A meteorologist calculated the contingent probability of a tornado occurring given the presence of a low-pressure system and warm fronts.
- In Bayesian statistics, contingent probability is a key concept for updating probabilities based on new evidence or observations.