binomial distribution

Introduction to Poisson Distribution #1

Poisson Distribution curve is one of the most used statistical methods used for predicting event occurrence probability based on historical data of said event. Corporations use the Poisson distribution to predict sales for a financial quarter based on sales of the previous three quarters. Meteorologists use historical data to predict weather patterns for the upcoming year. Probability Mass Function The probability mass function of the distribution is given by the… Read More »Introduction to Poisson Distribution #1

Introduction to Binomial Distribution #1

What is binomial? The term binomial means consisting of TWO terms. In the world of statistics and probability this means an event that can have only TWO results. These events have to be mutually exclusive, that is if one occurs then the other event cannot occur. So,e examples of mutually exclusive events are given below: tossing coin for heads / tails passing or failing a test an old machine that… Read More »Introduction to Binomial Distribution #1