Can someone please explain to me what the statisitic "WHIP" means in the game of baseball?
The definition of WHIP or Walks plus Hits per Inning Pitched is the following per wikipedia:
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In addition to the popular answer above, it's also useful to note that WHIP was originally conceived of as a statistic used to score pitchers in fantasy baseball.
So while WHIP is not widely used in sabremetrics communities to help rank the usefulness of pitchers, it is a useful statistic to understand in fantasy circles as well as use as an indicator of future ERA performance. Ex: Lower WHIP generally coincides with lower ERA. Since ERA is such an established stat (for legitimate reasons or not), WHIP can be used as a tool to forecast future performance of a pitcher's ERA.