Random Variables

Binomial Probability Distribution

Probability, Probability Distributions

Binomial Distribution is used to find probabilities related to Dichotomous Population. It can be applied to a Binomial Experiment where it can result in only two outcomes. Success or Failure. In Binomial Experiments, we are interested in the number of Successes.

Expected Value of a Random Variable

Probability, Probability Distributions, Statistics

Expected Value is the average value we get for a certain Random Variable when we repeat an experiment a large number of times. It is the theoretical mean of a Random Variable. Expected Value is based on population data. Therefore it is a parameter.