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.

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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.



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Probability. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. April 04, 2020 https://payrollheaven.com/define/probability/.
Chicago Manual of Style (CMS):
Probability. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/probability/ (accessed: April 04, 2020).
American Psychological Association (APA):
Probability. PayrollHeaven.com. Retrieved April 04, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/probability/

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.