This is usually a yearly probability of persistence.
Realistically, what are the chances of a local population of species y go functionally extinct over x years managed?
An expert may think - or an analysis may show - there is a 5% chance that the local population will go functionally extinct over 20 years under management: $p(y=extinct, period= 20 years)= 0.05$
This extinction probability can then be expressed as a persistence probability over 20 years: $p(y=persist, period= 20 years)=0.95$
Which can then be expressed as a yearly probability: $p(y=persist, period= 1 year)= (0.95)^{\frac{1}{20}} = 0.99743$
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