The probability of default is the likelihood that a company will be unable to meet its financial obligations over the next 12 months.

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The probability of default is the percentage likelihood that a company will be unable to meet its financial obligations over the next 12 months.

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Mathematicians frame this issue in terms of probability -- that is, the likelihood that something will happen.

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Then apply a probability to each scenario, based on your impression of the likelihood of its occurring.

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Then we realized that if a team is winning 20-0 in the second quarter a win probability model is going to say they have a 99.9% likelihood of winning and everyone is going to stop watching.

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In terms of probability (where 1 is a certainty and 0 an impossibility), that translates into a likelihood of 0.000...0006, where there are 138 zeros before the six.

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