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Law of averages. The law of averages is the commonly held belief that a particular outcome or event will, over certain periods of time, occur at a frequency that is similar to its probability. [1][2] Depending on context or application it can be considered a valid common-sense observation or a misunderstanding of probability.
In probability theory, the law of large numbers (LLN) is a mathematical law that states that the average of the results obtained from a large number of independent random samples converges to the true value, if it exists. [1] More formally, the LLN states that given a sample of independent and identically distributed values, the sample mean ...
Average of chords. In ordinary language, an average is a single number or value that best represents a set of data. The type of average taken as most typically representative of a list of numbers is the arithmetic mean – the sum of the numbers divided by how many numbers are in the list. For example, the mean average of the numbers 2, 3, 4, 7 ...
Similarly, the law of large numbers states that in the long term, the average will tend toward the expected value, but makes no statement about individual trials. For example, following a run of 10 heads on a flip of a fair coin (a rare, extreme event), regression to the mean states that the next run of heads will likely be less than 10, while ...
Admiralty law. The law of general average is a principle of maritime law whereby all stakeholders in a sea venture proportionately share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency. For instance, should the crew jettison some cargo overboard to lighten the ship in a storm, the ...
Arithmetic mean. In mathematics and statistics, the arithmetic mean ( / ˌærɪθˈmɛtɪk / arr-ith-MET-ik), arithmetic average, or just the mean or average (when the context is clear) is the sum of a collection of numbers divided by the count of numbers in the collection. [1] The collection is often a set of results from an experiment, an ...
Empirical statistical laws. An empirical statistical law or (in popular terminology) a law of statistics represents a type of behaviour that has been found across a number of datasets and, indeed, across a range of types of data sets. [1] Many of these observances have been formulated and proved as statistical or probabilistic theorems and the ...
Little's law. In mathematical queueing theory, Little's law (also result, theorem, lemma, or formula[1][2]) is a theorem by John Little which states that the long-term average number L of customers in a stationary system is equal to the long-term average effective arrival rate λ multiplied by the average time W that a customer spends in the ...