In the real world, we often encounter varying membership grades due to varying information source values. The fuzzy rough set model is refurbished to develop probabilistic variable precision fuzzy rough set (P-VP-FRS) to deal with this imprecision. The main inspiration behind the proposed P-VP-FRS is our inability to precisely represent the imprecision, which necessitates generalization in the approximations. The adjustable parameters in P-VP-FRS control the tradeoff between the generalization and accuracy. A few measures for quality of approximation and generalization are proposed. The usefulness of P-VP-FRS is shown through a case study. © 1993-2012 IEEE.