Noun

(Likelihood function)

The probability of a specified outcome; the chance of something happening; probability; the state of being probable.

In all likelihood the meeting will be cancelled.

The likelihood is that the inflation rate will continue to rise.

(statistics) The probability that some fixed outcome was generated by a random distribution with a specific parameter.

Likeness, resemblance.

"There is no likelihood between pure light and black darkness, or between righteousness and reprobation." (Sir W. Raleigh)

(archaic) Appearance, show, sign, expression.

"What of his heart perceive you in his face by any likelihood he showed to-day ?" (Shak)

Noun

(possibilities)

The quality of being possible.

A thing possible; that which may take place or come into being.

* {{quote-magazine, date=2013-07-20, volume=408, issue=8845, magazine=(The Economist)

, title= The attack of the MOOCs , passage=Since the launch early last year of […] two Silicon Valley start-ups offering free education through MOOCs, massive open online courses, the ivory towers of academia have been shaken to their foundations. University brands built in some cases over centuries have been forced to contemplate the possibility that information technology will rapidly make their existing business model obsolete.}}

An option or choice, usually used in context with future events.