long run frequency

long run frequency

[′lȯŋ ‚rən ′frē·kwən·sē]
(statistics)
The ratio of the number of occurrences of an event in a large number of trials to the number of trials.
McGraw-Hill Dictionary of Scientific & Technical Terms, 6E, Copyright © 2003 by The McGraw-Hill Companies, Inc.
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Probability is the relative long run frequency of some event whose physical properties make the exact time of its occurrence or nonoccurrence unknowable.
Experienced risk managers have an understanding of the fundamentals of this long run frequency called probability.
Thinking in Numbers

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