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Likelihood

Likelihood defines in quantitative or qualitative terms, the estimated probability of the specific Hazardous event under study. Likelihood is one element of associated risk. Fault Trees and other models can be constructed and individual Hazard Probabilities are estimated, and likelihood can be calculated via Boolean Logic. It should be noted that estimated likelihood defined in conventional hazard analysis may be appropriate due to the variability, conference, resources, and other factors.

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