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Author Topic: Exam Question  (Read 122 times)

Offline BlueCalculus

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Exam Question
« on: November 08, 2020, 02:53:13 PM »
I am need of some help regarding the exam P (probability) exam.  Particularly with the Binomial distribution.  I have a hard time deciphering when to use this distribution and how all the different parameters tie into the different binomial problems. Any help would be a huge life saver for this exam.  Thank you.

Offline Actuarysmarts

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Re: Exam Question
« Reply #1 on: November 09, 2020, 06:38:08 PM »
BlueCalculus, the binomial distribution has three parameters n, x, and p.  The parameter n represents the number of trials performed which are each assumed to be independent bernoulli trials, x represents the value we want to find the probability of for example x takes on only discrete values of 0,1,2,3,...... and p represents the probability of success and its complement q = 1-p represents the probability of "failure" or in other words the probability that the event does not happen.  The Actex manual again has some really good examples using this distribution.