Random Chance

Definition

Random chance refers to the unpredictable variation that can occur in data due to natural variability or luck. It is the result of random events and cannot be controlled or predicted.

Related terms

Sampling Error: Sampling error occurs when the sample selected for a study does not accurately represent the population, leading to inaccurate conclusions.

Probability: Probability is the likelihood of an event occurring, expressed as a number between 0 and 1.

Law of Large Numbers: The law of large numbers states that as the number of trials or observations increases, the average outcome will approach its expected value.