Abstract

This work is purposed to analyze the idea of possibility theory for reasoning under uncertainty. This cut across the varying relationship and difference between probability and possibility theories as frequently studied. Various areas of application of possibility theory in modern fields as well as its use in modeling uncertainty were also painstakingly examined and alongside citing its application in forecasting productions in the energy sector as a useful illustration. Quantitative and Qualitative possibilities which are modeling techniques of the theory of possibility were as well studied and consciously differentiated with appropriate references to important parameters and supporting features like the possibility measure, possibility distribution and the imprecise probability.

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