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

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.