Random Variables

Binomial Probability Distribution

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.

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Expected Value of a Random Variable

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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.

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