The Binomial distribution is a statistical probability distribution that states the likelihood that a value will take one of two independent values under a given set of parameters or assumptions.
In a binomial distribution, the probability of getting a success must remain the same for the trials we are investigating. For example, when tossing a coin, the probability of flipping a coin is ½ or 0.5 for every trial we conduct, since there are only two possible outcomes.
It is useful for analyzing situations where there are only two possible outcomes, such as yes or no, win or lose, buy or not buy.
Can you describe another real life example of the Binomial Distribution?
The following video can give you some insights about the Binomial Distribution:
