Business Analytics
A binomial distribution is a discrete probability distribution that describes the number of successes in a fixed number of independent trials, each with the same probability of success. It is often used in situations where there are only two possible outcomes, commonly referred to as 'success' and 'failure'. Understanding binomial distribution is essential for analyzing scenarios where events can be categorized in this binary manner, making it a crucial concept within probability concepts and distributions.
congrats on reading the definition of Binomial Distribution. now let's actually learn it.