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Expected Value
A calculated average or mean of all possible outcomes of a random variable, considering the probabilities of each outcome.
Binomial Random Variable
A type of discrete random variable that arises in situations where an experiment or process is repeated a fixed number of times, with each trial having two possible outcomes (success or failure) and a constant probability of success.
Binomial Probability Distribution
A probability distribution that summarizes the likelihood that a variable will take one of two independent values under a given set of parameters or conditions.
Binomial Problem
A statistical question or experiment that has exactly two possible outcomes, 'success' or 'failure', and where the probability of success is the same each time the experiment is conducted.
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