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Law of Large Numbers

Definition

A principle in probability theory stating that as more observations are collected, the sample mean will converge to the population mean.

Analogy

Imagine you have a jar filled with jelly beans, some red and some blue. If you keep randomly picking jelly beans from the jar and recording their colors, eventually your average proportion of red jelly beans will get closer and closer to the true proportion in the entire jar.

Related terms

Sampling Distribution: The distribution of sample statistics (e.g., means or proportions) obtained from repeated sampling.

Central Limit Theorem: A theorem stating that as sample size increases, regardless of population shape, the sampling distribution approaches a normal distribution.

Variability: The spread or dispersion of data points around their mean.