law of averages(redirected from Law of average)
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law of averages
The principle holding that the relative frequency with which an event occurs in repeated trials will converge to a stable value over time as the number of samples increases. Also called Bernoulli's law, law of large numbers.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
law of averages
(Statistics) (popularly) the expectation that a possible event is bound to occur regularly with a frequency approximating to its probability, as in the (actually false) example: after five heads in a row the law of averages makes tails the better bet. Compare law of large numbers
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
law′ of av′erages
1. a statistical principle formulated by Jakob Bernoulli to show a more or less predictable ratio between the number of random trials of an event and the outcomes that result.
2. the principle that, in the long run, probability as naively conceived will operate and influence any one occurrence.
Random House Kernerman Webster's College Dictionary, © 2010 K Dictionaries Ltd. Copyright 2005, 1997, 1991 by Random House, Inc. All rights reserved.
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|Noun||1.||law of averages - a law affirming that in the long run probabilities will determine performance|
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