Binomial distribution: Difference between revisions
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The binomial distribution can be | The binomial distribution can be an appropriate model for processes where: | ||
#The process consists of a whole number of identical trials or situations (n). | #The process consists of a limited whole number of identical trials or situations (n). | ||
#Each trial results in just one of only two possible outcomes (eg success or failure). | #Each trial results in just one of only two possible outcomes (eg success or failure). | ||
#The probability of success (p) remains constant for each trial. | #The probability of success (p) remains constant for each trial. | ||
#The trials are independent and | #The trials are independent, and | ||
#Primary interest lies in the probability of a specified number of successes (or of failures) in the n trials. | #Primary interest lies in the probability of a specified number of successes (or of failures) in the n trials. | ||
For example, the total number of sales achieved in a fixed number of sales appointments, assuming the probability of achieving a sale remains constant for each appointment. | |||
== See also == | == See also == | ||
* [[Binary]] | |||
* [[Binomial]] | * [[Binomial]] | ||
* [[Discrete random variable]] | * [[Discrete random variable]] | ||
* [[Distribution]] | |||
* [[Frequency distribution]] | * [[Frequency distribution]] | ||
* [[Poisson distribution]] | * [[Poisson distribution]] | ||
[[Category:The_business_context]] | |||
Latest revision as of 00:29, 27 November 2020
Statistics.
A discrete probability distribution built up from a series of binomial trials.
The binomial distribution can be an appropriate model for processes where:
- The process consists of a limited whole number of identical trials or situations (n).
- Each trial results in just one of only two possible outcomes (eg success or failure).
- The probability of success (p) remains constant for each trial.
- The trials are independent, and
- Primary interest lies in the probability of a specified number of successes (or of failures) in the n trials.
For example, the total number of sales achieved in a fixed number of sales appointments, assuming the probability of achieving a sale remains constant for each appointment.
