To Compute a Binomial Probability

question 57

Multiple Choice

To compute a binomial probability. we must know all of the following except the _____.

• A) probability of success
• B) number of elements in the population
• C) number of trials
• D) value of the random variable

---

Definitions:

Satisficing Decisions

Choose the first satisfactory alternative that comes to your attention.

Behavioural Decision Model

An approach to understanding decision-making, focusing on how individuals interpret and respond to information based on psychological and behavioural factors.

Bounded Rationality

A concept that decision-makers are limited in their decision-making capabilities by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make decisions.

Cognitive Limitations

Cognitive limitations are the boundaries of human brain’s capacity to learn, remember, and make rational decisions.