Join Eddie Davila for an in-depth discussion in this video Binomials, part of Statistics Foundations: Probability.
- When an experiment has only two possible outcomes, … we call this a binomial random variable. … A coin flip can only result in heads and tails. … Eligible voters can either vote or not vote. … A patient can either test positive … or negative for a disease. … These are possible binomial random variables … provided we have n trials … with a probability of success we call p. … Typically in stats, n is the number of instances. … In other words, if we take our coin and flip it four times, … n is equal to four, the number of flips, … p is equal to 0.5, the chance of success … which can be either heads or tails in this case. … How do we take voter turnout? … Suppose there are 5,000 registered voters, … and let's say the probability a registered voter … will actually vote is 60%. … In this situation, n is equal to 5,000 … and p is equal to 0.60 or 60%. … Let's use binomials to solve a problem. … Suppose an organization has a monthly meeting. … New people attend the meeting each month, … but only 20% end up joining the organization. …
Eddie explains that probability is used to make decisions about future outcomes and to understand past outcomes. He covers permutations, combinations, and percentiles, and goes into how to describe and calculate them. Eddie introduces multiple event probabilities and discusses when to add and subtract probabilities. He describes probability trees, Bayes’ Theorem, binomials, and so much more. You can learn to understand your data, prove theories, and save valuable resources—all by understanding the numbers.