The values between 90 percent and 10 percent represent an 80 percent confidence interval, but any level of risk can be determined simply by examining the exceedance probability curve
The normal probability curve
is given by the equation
If combined with an actuarial estimation of the likelihood of various threats, this methodology can be used to create an exceedance probability curve
for loss estimation and rate-setting.
Figure 7 shows the cumulative probability curve
calculated by integrating the fitted PDF in Figure 4 and Figure 5 for the pattern and random walking voltages under three environmental conditions.
k]); the graphical representation of that probability across the pre-fixed ability levels is called Attribute Probability Curve
(APC) for the attribute [A.
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With available information or more funding to invest in estimating hazard probabilities, an exceedance probability curve
can be obtained to estimate the probability of occurrence of different intensities of the hazard at a given location.
The method usually employed in drainage projects to obtain a rainfall time distribution uses the 50% probability curve
(P50), using the values for type I and type IV rainfall events, as represented in Figure 5.
Table 3 shows initial data array used for plotting probability curve
for a certain profit level.
To illustrate the usefulness of the modal shift modelling exercise in urban road transport management, the developed aggregate modal shift model (involving all trips for different purposes) considering travel-time difference as the influencing variable was used to develop a modal shift probability curve
A unique failure frequency probability curve
can be created for each asset class.
What you need to tell them for an estimate like this, and for all your estimates, is that there's a zero percent probability that you will actually get it done in that time, that such a guess is only the beginning of the probability curve