A prior probability refers to:
A) the chance of an outcome before new information is obtained.
B) the conditional chance of an outcome after new information is obtained.
C) the probability that the information source is accurate.
D) a probability assessment that combines both current and new information.
E) the chance of an outcome based on purely subjective information.

Question

Quizplus · Accepted Answer

A prior probability refers to the chance of an outcome before new information is obtained. It is not impacted by any new information, but rather reflects the probability of the outcome based on existing knowledge or assumptions.

A Prior Probability Refers To