A binomial distribution is a probability distribution that has only two possible outcomes which sum up to one and have fixed probabilities. Binomial distributions typically represent a binomial random variable, which is a set of X number of successes that resulted from N trials conducted in a binomial experiment. Examples of binomial distributions can be found on the websites cited in the reference section and many other statistics websites.
Continue ReadingA binomial experiment is the foundation of the binomial distribution. Its properties include: there are N number of repeated trials in the experiment, and there are only two possible outcomes in each trial, which are referred to as either successes or failures. The probability of success is the same on each trial and is denoted by "P," and the outcome of each trial is independent of the other trials. Binomial distributions have both mean and standard deviation. Finding the mean typically involves multiplying the number of trials in the experiment by the probability of success on each trial. The variance is calculated by multiplying the mean by (1-n), where n is the probability of success on each trial. The standard deviation is obtained by calculating the square root of the deviation.
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