Probability is the likelihood of an event occurring. The term event is defined as a collection of results of a procedure. An event is a simple event when an outcome cannot be divided into simpler parts.
An example of a simple event is a coin toss. The result of a coin toss is either a head or a tail. Here, head and tail are two simple events. These two simple events make up the sample space. Further, the probability of an event occurring falls within the range of 0 to 1. The probability of an...

Overview

 The probability of a random variable x  is the likelihood of its occurrence. A probability distribution represents the probabilities of a random variable using a formula, graph, or table. There are two types of probability distribution– discrete probability distribution and continuous probability distribution.
A discrete probability distribution is a probability distribution of discrete random variables. It can be categorized into binomial probability distribution and Poisson...

The central limit theorem, abbreviated as clt, is one of the most powerful and useful ideas in all of statistics. The central limit theorem for sample means says that if you repeatedly draw samples of a given size and calculate their means, and create a histogram of those means, then the resulting histogram will tend to have an approximate normal bell shape. In other words, as sample sizes increase, the distribution of means follows the normal distribution more closely.
The sample size, n, that...

A Poisson probability distribution is a discrete probability distribution. It gives the probability of a number of events occurring in a fixed interval of time or space if these events happen at a known average rate and independently of the time since the last event. For example, a book editor might be interested in the number of words spelled incorrectly in a particular book. It might be that, on average, there are five words spelled incorrectly in 100 pages. The interval is 100 pages.
The...

A binomial distribution is a probability distribution for a procedure with a fixed number of trials, where each trial can have only two outcomes.
The outcomes of a binomial experiment fit a binomial probability distribution. A statistical experiment can be classified as a binomial experiment if the following conditions are met:
There are a fixed number of trials. Think of trials as repetitions of an experiment. The letter n denotes the number of trials.
There are only two possible outcomes,...