Calibrated probability assessment

Calibrated probability assessment refers to the process of estimating probabilities in a way that ensures these probabilities accurately reflect the likelihood of the events they represent. In other words, if you predict that an event has a 70% chance of occurring, then, over a large number of such predictions, you would expect that event to occur approximately 70% of the time. This concept is especially important in fields such as machine learning, statistics, and decision-making, where accurate probability assessments can significantly influence outcomes.