Binomial Distributions

Binomial Probability Distributions

In this section, we examine Binomial Probability Distributions:

Binomial Distribution Graphs for Different Values of p
Binomial distribution graphs for different values of p
  • They are discrete distributions
  • They measure the probability of a certain number, [latex]x[/latex], of successes occurring
  • We need both the number of trials ([latex]n[/latex]), and the probability of success ([latex]p[/latex]) to define a binomial distribution

The sections are organized as follows:

  1. An introduction, properties of Binomial Distributions and how to calculate the probability of exactly [latex]x[/latex] successes using the formula.
  2. How to calculate the probability of exactly [latex]x[/latex] successes using the Excel’s =BINOM.DIST function.
  3. How to calculate the probability of at most [latex]x[/latex] number of successes.
  4. How to calculate the probability of more than [latex]x[/latex] number of successes.
  5. How to calculate the probability of at least [latex]x[/latex] successes or, [latex]P(X \ge x)[/latex].
  6. How to calculate the mean and standard deviation of binomial distributions.

License

Icon for the Creative Commons Attribution-NonCommercial 4.0 International License

An Introduction to Business Statistics for Analytics (1st Edition) Copyright © 2024 by Amy Goldlist; Charles Chan; Leslie Major; Michael Johnson is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License, except where otherwise noted.

Share This Book