UK Accounting Glossary
The measurement and likeliness of an event to occur.
The extent to which something is probable; the likelihood of something happening or being the case.
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.
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This glossary post was last updated: 15th February 2020.