A probability distribution is a statistical model that shows the possible outcomes of a particular event or course of action as well as the statistical likelihood of each event. For example, a company might have a probability distribution for the change in sales given a particular marketing campaign.
Probability is the percentage that a success occur. For example, we do the binomial experiment by tossing a coin. We suppose that the event that we get the face of coin in success, so the probability of success now is 0.5 because the probability of face and back of a coin is equal. 0.5 is the probability of a success.
Likelihood is the conditional probability. The same example, we toss the coin 10 times ,and we suppose that we get 7 success ( show the face) and 3 failed ( show the back). The likelihood is calculated (for binomial distribution, it can be vary depend on the distributions)
L(0.5|7)= 10C7 * 0.5^7 * (1-0.5)^3 = 0.1171
Meaning: 0.1171 is the probability that the above event will happen ( got 7 successes out of 10 trials) by knowing that the probability of one success is 0.5 ( toss one time)
Therefore,
Likelihood is the probability (conditional probability) of a event ( a set of success ) occur by knowing the probability of a success occur.
Probability is the percentage that a success occur.
Possibility is something we use to describe an event that may or may not happen. And it might not be always possible to calculate how likely the event is to occur. Possibility is the qualitative characteristic of an event’s occurrence. For instance, I may find myself winning a lottery today is a possibility.
Probability of an event is the likelihood or chance with which that event could occur or happen. Probability is basically the numerical/quantitative characteristic of the likelihood of an event’s occurrence.
Therefore, technically, possibility of any event is always binary (Yes or a no, 1 or 0). If an event is “possible”, how likely will its occurrence be, under a given situation is probability.
Example,
Imagine yourself to be playing a game of roll the dice, when your brother rolls a dice, possibility of the dice showing up number 5 is ‘Yes’, possibility of showing up number 10 is ‘No’. In a situation where the dice is rolled just once, probability of it showing up number 5 is 1/6.