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A measure of the degree of (un)certainty of an estimate. Usually presented as a percentage. For example, a confidence level of 95% applied to an upper and lower bound of an estimate indicates there is a 95% chance the estimate lies between the specified bounds. Confidence limits can be calculated for some forms of uncertainty (see Knowledge uncertainty), or estimated by an expert (see Judgement).
Acknowledgements: This Glossary is modified from Gouldby and Samuels, 2005, Language of risk – project definitions. FLOODsite Report T34/04/01