Inferential Stats in Decision Making Binomial Experiment Discussion

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  1. Why do we need probability? Discuss the concepts of mutually exclusive events and independent events. List three examples of each type of events from everyday life. Discuss what is meant by the expected value and standard deviation of a binomial distribution. How does this relate to the central tendency and variation we learnt in chapters 3, 4 and 5 of the course textbook.
  2. Discuss what we mean by a binomial experiment. As you can see, a binomial process or binomial experiment involve a lot of assumptions! For example, all the trials are supposed to be independent and repeated under identical conditions. Is this always true? Why? Can we always be completely certain the probability of success does not change from one trial to the next?

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Inferential Stats in Decision Making Binomial Experiment Discussion

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