Binomial distribution: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson m (Categorise.) |
imported>Doug Williamson (Add link.) |
||
| Line 20: | Line 20: | ||
* [[Binomial]] | * [[Binomial]] | ||
* [[Discrete random variable]] | * [[Discrete random variable]] | ||
* [[Distribution]] | |||
* [[Frequency distribution]] | * [[Frequency distribution]] | ||
* [[Poisson distribution]] | * [[Poisson distribution]] | ||
[[Category:The_business_context]] | [[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.
