Statistical probabilities are numerical measures that provide insight into the likelihood or chance of a specific outcome in a given context. Synonyms for statistical probabilities include chance, likelihood, odds, possibility, and probability. Chance suggests a random occurrence while likelihood indicates the probability of an event occurring based on its historical record. Odds refer to the ratio of favorable outcomes to unfavorable ones. Possibility suggests that an event could happen but not necessarily with a high degree of probability. Probability is a formal term describing mathematical chances of a given event happening. While these words have similar meanings, context is crucial to understand the appropriate use of each term.