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Contingency vs Probability - What's the difference?

contingency | probability |

As nouns the difference between contingency and probability

is that contingency is the quality of being contingent, of happening by chance; unpredictability while probability is the state of being probable; likelihood.

contingency

English

(wikipedia contingency)

Noun

  • (uncountable) The quality of being contingent, of happening by chance; unpredictability.
  • (countable) A possibility; something which may or may not happen. A chance occurrence, especially in finance, unexpected expenses.
  • (countable) An amount of money which a party to a contract has to pay to the other party (usually the supplier of a major project to the client) if he or she does not fulfill the contract according to the specification.
  • (logic, countable) A statement which is neither a tautology nor a contradiction.

    • Synonyms

    * (quality of happening by chance) possibility * See also

    Antonyms

    * (quality of happening by chance) inevitability, impossibility

    Coordinate terms

    * (statement which is neither a tautology nor a contradiction) contradiction, tautology

    Derived terms

    * contingency plan

    probability

    English

    Noun

    (wikipedia probability) (probabilities)
  • the state of being probable; likelihood
  • an event that is likely to occur
  • the relative likelihood of an event happening
  • (mathematics) a number, between 0 and 1, expressing the precise likelihood of an event happening

    • Derived terms

    * conditional probability * frequency probability * joint probability * propensity probability

    Related terms

    * probable

    See also

    * odds * possibility * verisimilitude

    External links

    * *