Define: Probability

UK Accounting Glossary

Definition: Probability

Quick Summary of Probability

The measurement and likeliness of an event to occur.

What is the dictionary definition of Probability?

Dictionary Definition

The extent to which something is probable; the likelihood of something happening or being the case.

  1. The quality of being probable; a probable event or the most probable event.
  2. A measure of how likely it is that some event will occur; a number expressing the ratio of favourable cases to the whole number of cases possible.


Examples of Probability in a sentence

Market analysts use industry records to try and determine the probability of a company’s success.
When the leading economic indicators are all down for five quarters in a row, the possibility of a recession turns into a probability.
Going by past experience there was a high probability that the visitors were lost.
The probability that an unbiased coin will fall with the head up is 0.5.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Probability. Payroll & Accounting Heaven Ltd. April 04, 2020
Chicago Manual of Style (CMS):
Probability. Payroll & Accounting Heaven Ltd. (accessed: April 04, 2020).
American Psychological Association (APA):
Probability. Retrieved April 04, 2020, from website:

Definition Sources

Definitions for Probability are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 15th February 2020.