ProbabilityMCQPYQ May 18Question 3269 of 187
All Questions

Two broad divisions of probability are

Options

ASubjective probability and objective probability
BDeductive probability and mathematical probability
CStatistical probability and mathematical probability
DNone of these
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Correct Answer

Option aSubjective probability and objective probability

All Options:

  • ASubjective probability and objective probability
  • BDeductive probability and mathematical probability
  • CStatistical probability and mathematical probability
  • DNone of these

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Detailed Solution & Explanation

**Two Broad Divisions of Probability** Probability is broadly classified into two categories: 1. **Objective Probability**: Based on factual/empirical data or mathematical reasoning. It includes: - Classical (Mathematical) Probability: Based on equally likely outcomes - Statistical (Empirical) Probability: Based on observed frequencies 2. **Subjective Probability**: Based on personal judgment, belief, or intuition of an individual. The two broad divisions are **Subjective Probability** and **Objective Probability**. Option B (Deductive and Mathematical) and Option C (Statistical and Mathematical) are subsets or incorrect pairings — they don't represent the two broadest divisions. Hence, **Option A** is the correct answer.

About This Chapter: Probability

Paper

Paper 3: Quantitative Aptitude

Weightage

5-7 Marks

Key Topics

Probability Operations, Expected Value

A logic-heavy chapter dealing with random experiments, events (mutually exclusive, exhaustive), set theory probability, conditional probability, and Bayes' Theorem. It forms the basis for Theoretical Distributions.

View Official ICAI Syllabus

Exam Strategy Tip

Always draw a quick Venn Diagram or tree when faced with 'At least one' or 'Only A but not B' wording. It saves you from double-counting.

Key Concepts to Understand

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