Objective Probability Definition | Becker
Accounting Dictionary
Objective Probability
An objective probability is a probability based on past outcomes/historical data. The objective probability of an event is equal to the number of times that the event will occur divided by the total number of possible outcomes. Objective probabilities are also called empirical probabilities. Most people would assign approximately the same values to them. See also probability and subjective probability and expected value.
Related Terms:
Probability [BAR]Subjective Probability [BAR]Expected Value [BAR]Back to Dictionary