Convergence in Probability

Convergence in probability is a concept in statistics that describes how a sequence of random variables behaves as the number of observations increases. Specifically, it means that as we gather more data, the probability that the variables differ significantly from a particular value (like the true mean) becomes very small. In simple terms, the variables tend to get closer and closer to a specific value, and the likelihood of large deviations diminishes with more data, making the sequence reliably approximate that value in the long run.