Which statistical term refers to the likelihood of occurrence represented by a p-value?

The likelihood of occurrence represented by a p-value is indeed best described as probability. In statistical terms, a p-value quantifies the chance of observing the data results, or something more extreme, given that the null hypothesis is true. Essentially, it indicates the strength of the evidence against the null hypothesis.

This concept of probability is crucial in hypothesis testing, where a lower p-value suggests a stronger statistical significance of the observed effect. Thus, the probability aspect captured by the p-value plays a key role in determining whether to reject the null hypothesis in favor of an alternative hypothesis.

Other terms such as reliability, variability, and causality do not specifically relate to the p-value. Reliability refers to the consistency of a measure, variability pertains to how spread out the data points are in a dataset, and causality involves establishing a cause-and-effect relationship, which is different from simply assessing the likelihood of an occurrence.