law of large numbers

Popular Terms
Statistical concept that larger the sample population (or the number of observations) used in a test, the more accurate the predictions of the behavior of that sample, and smaller the expected deviation in comparisons of outcomes. As a general principle it means that, in the long run, the average (mean) of a long series of observations may be taken as the best estimate of the 'true value' of a variable. In other words, what is unpredictable and chancy in case of an individual is predictable and uniform in the case of a large group. This law forms the basis for the expectation of probable-loss upon which insurance premium rates are computed.
Also called law of averages. See also law of small numbers and law of statistical regularity.

Use 'law of large numbers' in a Sentence

Jerry couldn't decide what tie to wear to work today, so he brought two and decided to apply the law of large numbers by polling his entire office.
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The law of large numbers dictated that we would expect a positive result if we increased our volume and sample size.
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We went by the law of large numbers theory and I think that is the reason we were able to get such accurate results.
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