Thus, on the average, the number of heads showing face up in a large number of tossing a coin is 1.5. The expected value has many uses in gambling, for example, it tells us what our long-run average losses per play will be. The question is, what is expected that an average donor to contribute, and what is the standard devation. The solution is as follows. One of the most widely known of all discrete probability distributions is the binomial distribution.
Several characteristics underlie the use of the binomial distribution.
The experiment consists of n identical trials. Each trial has only one of the two possible mutually exclusive outcomes, success or a failure. The probability of each outcome does not change from trial to trial, and 4. The trials are independent, thus we must sample with replacement. The formulas used to compute the probability, the mean, and the standard deviation of a binomial distribution are as follows.