Question 1

What is a Binomial Distribution?

Accepted Answer

A Binomial Distribution is a statistical probability distribution that summarizes the likelihood that a value will take one of two independent values under a given set of parameters or assumptions. It represents the probability of achieving exactly 'x' successes in 'n' independent Bernoulli trials.

Question 2

What are the rules/assumptions of a Binomial Experiment?

Accepted Answer

There are four key rules: 1) There must be a fixed number of trials (n). 2) Each trial must be independent of the others. 3) There are only two possible outcomes per trial (success or failure). 4) The probability of success (p) remains constant for each trial.

Question 3

What is the formula for Binomial Probability?

Accepted Answer

The formula to find exactly 'x' successes is: P(X=x) = nCx * p^x * (1-p)^(n-x). Here, 'nCx' represents the number of combinations (n factorial divided by x factorial times (n-x) factorial), 'p' is the probability of success, and '1-p' is the probability of failure.

Question 4

What is Cumulative Probability?

Accepted Answer

Cumulative probability measures the odds of achieving a range of successes rather than an exact number. For example, P(X ≤ 3) is the probability of getting 0, 1, 2, or 3 successes. You simply calculate the exact probability for each individual outcome and add them together.

Question 5

How do you calculate Expected Value (Mean), Variance, and Standard Deviation?

Accepted Answer

For a binomial distribution, the expected value (mean) is calculated by multiplying the number of trials by the probability of success (μ = n*p). The variance is σ² = n*p*(1-p). The standard deviation is simply the square root of the variance.

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