Likelihood refers to the chance or probability that a particular event will occur. It is often expressed as a percentage or a fraction, indicating how likely it is for something to happen compared to other possible outcomes. For example, if there is a 70% likelihood of rain tomorrow, it means that rain is expected more often than not. In statistics, likelihood is used to assess how well a model explains observed data. The concept is crucial in fields like data science and machine learning, where it helps in making predictions based on past information. Understanding likelihood allows individuals and organizations to make informed decisions based on potential outcomes.