A prior probability refers to:
A)the probability of the outcome before new information is obtained.
B)the conditional probability of the outcome after the new information is obtained.
C)the probability that the information source is accurate.
D)the probability assessment that combines both current and new information.
E)the probability that the outcome will not occur.

Question

Quizplus · Accepted Answer

A prior probability refers to the probability of the outcome before new information is obtained. It is based on previous experience or knowledge and does not take into account any new information that may affect the probability.

A Prior Probability Refers To