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An adjustment made to account for the fact that some parks are easier to hit in than average, giving an advantage (in raw statistical terms) to hitters who play for that team. Park factors are always made relative to a league average of 1.00. The park adjustments in the BP are made only on the park factor for runs, averaged over five years; they can be found here. The first column is a one-year park factor, the second column is the five-year average centered on that year (assuming the team did not change or massively renovate their park).
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