List the Three Methods for Finding Binomial Probabilities in the Table

question 47

Essay

List the three methods for finding binomial probabilities in the table below, and then complete the table to discuss the advantages and disadvantages of each. $$\begin{array} { | l | l | l | } \hline \text { Methods } & \text { Advantage } & \text { Disadvantage } \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$

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Definitions:

Budget Ratcheting

The practice of setting future budget allocations based on the current period’s expenditures, discouraging under-spending in fear of budget cuts.

Budget Lapsing

A type of budgeting that does not allow managers to carry over budget surpluses from one year into the next year. Under a budget lapsing system, funds not spent are lost at the end of the budget period.

Master Budgets

Comprehensive financial planning documents that include both operational and financial budgets, providing a complete picture of organizational financial activities.

Quantities Purchased

The total number of units bought during a given period, often tracked for inventory or supply chain management.