LAW OF AVERAGES Meaning and
Definition
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The law of averages is a statistical principle that suggests that over a long period of time, the outcomes of certain events will tend to even out and reflect the expected probability of those events. According to this concept, if a certain event has two or more possible outcomes, and if the event is repeated a large number of times, then the results will eventually converge towards the expected average.
In simpler terms, the law of averages implies that the more times an experiment or event is conducted, the closer the results will get to the average outcome predicted by probability. For example, flipping a fair coin repeatedly should result in an equal number of heads and tails over a large number of flips.
However, it is important to note that the law of averages does not imply that each individual event will necessarily follow the expected average outcome. In fact, random variations are often observed in the short term. It is only over a significantly larger sample size that the law of averages tends to hold true.
The law of averages is widely employed in various fields such as finance, gambling, and sports statistics. It is utilized to determine probabilities, project future outcomes, and make more informed decisions based on statistical trends and patterns.
Common Misspellings for LAW OF AVERAGES
- kaw of averages
- paw of averages
- oaw of averages
- lzw of averages
- lsw of averages
- lww of averages
- lqw of averages
- laq of averages
- laa of averages
- las of averages
- lae of averages
- la3 of averages
- la2 of averages
- law if averages
- law kf averages
- law lf averages
- law pf averages
- law 0f averages
- law 9f averages
Idioms with the word LAW OF AVERAGES
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the law of averages
The idiom "the law of averages" refers to the statistical principle that suggests that over a large number of trials or events, the outcomes will eventually even out and approach the average or expected result. In simpler terms, it implies that things will balance out in the long run, and unlikely or extreme events will be balanced by more probable or moderate events.
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law of averages
The law of averages is a theory that suggests that over time, the outcomes of a situation will even out so that things are more balanced or fair. It is based on the idea that random events will ultimately result in a pattern where extremes are balanced by opposite extremes.
