The phrase "acknowledge the likelihood of" is correct and usable in written English.
You can use it when discussing the acceptance or recognition of a certain probability or chance of an event occurring.
Example: "In our analysis, we must acknowledge the likelihood of market fluctuations impacting our sales projections."
Alternatives: "recognize the probability of" or "accept the chance of".
He should acknowledge the likelihood of having to postpone a tax increase and explain how that change will affect his plans.
Malcolm has always been drawn to impossible professions -- to intellectual undertakings that acknowledge the likelihood of their own defeat, and that incorporate uncertainty into their working methods.
The comments were some of Mr. Bashir's strongest words to date seeming to acknowledge the likelihood of an independent southern Sudanese state and outlining his vision for the northern half, which would stay under his control.
Mistakes only become a problem when very smart people or institutions lack the humility to acknowledge the likelihood of mistakes; fail to adequately plan or measure downside risk; or dismiss information that challenges a decision in favor of data that reinforces initial beliefs.
Some eminent climate scientists acknowledge the likelihood of an increase of 3 to 5 degrees centigrade.
First, they did not acknowledge the likelihood of different toxicokinetics when BPA exposure is continuous compared with a single administration.
The Food and Drug Administration acknowledged the likelihood of additional deaths from the drug, despite the new rules on its use.
Mr. McGreevey has acknowledged the likelihood of difficulties ahead by saying that it would be irresponsible to promise not to raise taxes.
But even after the weather cleared — and just a few days before officials began acknowledging the likelihood of landfall — Tony Hayward, BP's chief executive, expressed confidence the spill could be contained.
In an interview with The New York Times last month, he acknowledged the likelihood of a high-level Saudi role in the killing and said it would demand a "very severe" response.
George Balanchine (1904-83) and Frederick Ashton (1904-88) — the world's foremost choreographers of classical ballet in the last half of the 20th century (their equals have not yet emerged) — both often spoke with skepticism about the survival of their ballets but then acknowledged the likelihood of their survival by bequeathing them to specific friends in their wills.
