Statistics
Textbooks
Boundless Statistics
Describing, Exploring, and Comparing Data
Statistics Textbooks Boundless Statistics Describing, Exploring, and Comparing Data
Statistics Textbooks Boundless Statistics
Statistics Textbooks
Statistics

Section 3

The Law of Averages

Book Version 1
By Boundless
Boundless Statistics
Statistics
by Boundless
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4 concepts
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What Does the Law of Averages Say?

The law of averages is a lay term used to express a belief that outcomes of a random event will "even out" within a small sample.

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Chance Processes

A stochastic process is a collection of random variables that is often used to represent the evolution of some random value over time.

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The Sum of Draws

The sum of draws is the process of drawing randomly, with replacement, from a set of data and adding up the results.

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Making a Box Model

A box plot (also called a box-and-whisker diagram) is a simple visual representation of key features of a univariate sample.

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