The binomial process
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Definition
A binomial process is a random counting system where there are n independent identical trials, each one of which has the same probability of success p, which produces s successes from those n trials (where 0 ≤ s ≤ n and n > 0 obviously). There are thus three parameters {n, p, s} that between them completely describe a binomial process. Associated with each of these three parameters are three distributions that describe the uncertainty about or variability of these parameters. The three distributions require that one has knowledge of two parameters in order to use these distributions to estimate the third.
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