DEFINITION
Binomial Distribution

"Binomial distribution": Statistics. A discrete probability distribution built up from a series of binomial trials. The binomial distribution can be an appropriate model for processes where: 1. The process consists of a limited whole number of identical trials or situations (n). 2. Each trial results in just one of only two possible outcomes (eg success or failure). 3. The probability of success (p) remains constant for each trial. 4. The trials are independent and5. Primary interest lies in the probability of a specified number of successes (or of failures) in the n trials. For example, the total number of sales achieved in a fixed number of sales appointments, assuming the probability of achieving a sale remains constant for each appointment.
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