PPT-Binomial and Geometric Distributions

Delta OnTime Performance at HartsfieldJackson Atlanta International June 2003 June 2015 httpwwwtranstatsbtsgovOTDelayotdelaycause1aspdisplaydataamppn1 Data Model Total Operations 2278897. 2/29/2012. Review. When playing roulette at the Bellagio casino in Las Vegas, a gambler is trying to decide whether to bet $5 on the number 13 or to bet $5 that the outcome is any one of these five possibilities: 0 or 00 or 1 or 2 or 3. From Example 8, we know that the expected value of the $5 bet for a single number is -26₵. For the $5 bet that the outcome is 0 or 00 or 1 or 2 or 3, there is a probability of 5/38 of making a net profit of $30 and a 33/38 probability of losing $5.. Probability Theorem. A binomial is a polynomial with two terms such as . x. + . a. . Often we need to raise a binomial to a power. In this section we'll explore a way to do just that without lengthy multiplication.. AS91586 Apply probability distributions in solving problems. NZC level 8. Investigate situations that involve elements of chance. calculating and interpreting expected values and standard deviations of discrete random variables. Zhang . Zhuozhuo. . Calum. Johnson . Waldemar. . Pietraszkiewicz. . The binomial model is a very useful and popular technique for pricing an option.. The binomial option pricing formula is based on assumption that the stock price follows a multiplicative binomial process over discrete intervals. . Introduction. You first met the Binomial Expansion in C2. In this chapter you will have a brief reminder of expanding for positive integer powers. We will also look at how to multiply out a bracket with a fractional or negative power. Karl L. Wuensch. Department of Psychology. East Carolina University. A Binomial . Experiment. consists of . n. identical trials.. each trial results in one of two outcomes, a “success” or a “failure.”. Objective. : . To solve multistep probability tasks with the concept of geometric distributions. CHS Statistics. A . Geometric probability model. . tells us the probability for a random variable that counts the number of . Binomial distributions. are models for some categorical variables, typically representing the . number of successes. in a series of . n. independent trials. . The observations must meet these requirements: . What we learned last class…. We are not good at recognizing/dealing with randomness. Our “random” coin flip results weren’t streaky enough.. If B/G results behave like independent coin flips, we know how many families to EXPECT with 0,1,2,3,4 girls.. AP Statistics B. Overview of Chapter 17. Two new models: Geometric model, and the Binomial model. Yes, the binomial model involves Pascal’s triangles that (I hope) you learned about in Algebra 2. Use the geometric model whenever you want to find how many events you have to have before a “success”. II. BINOMIAL DISTRIBUTIONS A. Binomial Experiments 1. A binomial experiment is a probability experiment that satisfies the following conditions: a. The experiment is repeated for a fixed number of independent trials. B i nom i al & G eometr i c R andom V ar i ables Section 6.3 Reference Text: The Practice of Statistics , Fourth Edition. Starnes, Yates, Moore Objectives Binomial Random Variables and Binomial Distribution Sit with your group and choose a team name. Preferably something corny that has to do with statistics . Today’s game will test your strength, wit, knowledge, and endurance! Remember… HW Passes are at stake folks! May the force be with you!. Binomial Distribution 1. Binomial Distribution 2. Additional Problems on Binomial Distribution. More Visual Representation. Binomial Distribution Tends to Normal for Large n. Binomial Distribution Tends to Normal for p Close to 0.5.