LAW OF AVERAGES

Updated 05-May-2020.

Mondo shtuff from around the internet, all about LAW OF AVERAGES!

What is law of averages? – Definition from WhatIs.com: The law of averages is an erroneous generalization of the law of large numbers, which states that the frequencies of events with the same likelihood of occurrence even out, given enough trials or instances. The law of averages is usually mentioned in reference to situations without enough outcomes to bring the law of large numbers into effect.

Definition of LAW OF AVERAGES: the commonsense observation that probability influences everyday life so that over the long term the possible outcomes of a repeated event occur with specific frequencies… See the full definition

THE LAW OF AVERAGES | definition in the Cambridge English Dictionary: the law of averages meaning: 1. the idea that over a period of time a particular thing will happen because it is just as likely…. Learn more.

My botty best at summarizing from Wikipedia: law of averages is the belief that a particular outcome or event will over certain periods occur at a frequency that is similar to its probability . as invoked in everyday life, the “law” usually reflects wishful thinking or law of averages typically assumes that unnatural short-term “balance” must occur . a wheel has no memory and its probabilities do not change according to past results . the probability that the next spin will be black lottery numbers which haven’t appeared recently are due to appear soon . in some locales, modern slot machines are rigged so they do give wins a certain proportion of the time . if a coin is flipped 100 times, there is only an 8% chance of it occurring . if the sample does not reflect the population, predictions based on the law of averages are even less useful . bob greene: there is no particular number of trials that guarantees the desired outcome . he says the probability that it will already have occurred approaches but never quite reaches 100% . the u.s. dropped the atomic