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Is there a probability cut-off point?

e.g. if the probability of something keeps halving do you stop at a certain point and say the rest of the possibilities are negligible?

What do you do then?

Ignore the rest of the possibilities in all following calculations? e.g. percentages, averages, ratios, etc.

What is an event rate and is it related?

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    I'm curious as to the context of your question. A brief foray into google seems to indicate that 'Event Rate' is associated with biostatistics/Evidence-Based Medicine. So, what context is this in?2011-12-10
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    @DrewChristianson I came across discussions involving _event rate_ when Googling "probability cut-off rate"2011-12-13

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