4 concepts
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.
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.
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.
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.