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Probability and Statistics II: Random Variables – Great Expectations to Bell Curves
What is Binomial Distribution?
Binomial distribution is the probability that a certain value will take on one of two specific values under a given set of circumstances. The possible outcomes of this valuation depend on those certain variables. In plain English, it's the probability of success or failure. Probability distribution can help predict the number of successes of any given prospect with standard deviation. In a business or investment sense, this concept could help programs predict with better results the efforts of certain campaigns or ideas through better data. For example, in a coin toss, the number of times a coin will land on heads should be a simple matter, but in fact, a number of environmental factors could sway that number either direction. What are those variables and how do they play into the game of random chance is part of the variance of the binomial distribution.
Learn Binomial Distribution
No matter why you may need to know this set of complex math equations, learning about predictive mathematics functions could help both your organization or your own plans. It's helpful when building predictive models and could be an excellent skill to learn for the future. EdX.org and partners offer courses designed to give you the skills you need for your field. Courses are available right in your own home and on your schedule, so you never have to wait for the perfect time. Binomial Distribution in Courses There are a few courses with an emphasis on statistics and probability that can give you a background in this theory. IIMB offers two courses in Statistics for Business, the second of which includes Binomial Distribution. You'll understand the binomial coefficient and distribution function as well as special case scenarios with other types of probability theory. For a general understanding of probability, you can take Purdue's course on Probability or Harvard's statistics class. Both can help you understand statistical analysis, including binomial distribution, Poisson distribution, and discrete distribution. You'll walk away with an understanding of possible values and how to apply those concepts to real-world problems.
Binomial Distribution in Real Life
Binomial probability distribution is a big part of business analytics, with the binomial formula a classic performance marker. Success p helps businesses define what's working and what isn't without feeling like it's all coin flips in the boardroom. The cumulative probability of success can help drive better decisions with the expected value of an action more defined. You can't predict the future with 100% accuracy, but you can build a better business model using mathematical principles. EdX can help you understand and apply those statistical models in real-world situations to help ensure you have more company good news down the line.