text: what is the difference between likelihood and probability?   probability: for equally likely outcomes, the number of favourable outcomes divided by the total number of possible outcomes of an experiment.  likelihood: 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).