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Another example: the number of faulty computer chips in a 2000 volume batch where there is a 2% probability that any one chip is faulty = Binomial (2%,2000).
The Binomial distribution was first discussed by Bernoulli (1713). It is related to the Beta and Negative Binomial distributions, all of which have their basis in the Binomial process where the Binomial distribution is also derived. The 2017-11-06_21-56-41_Bernoulli distribution is a special case of the Binomial with n = 1 i.e.: Bernoulli(p) = Binomial(p,1) that is used to model risk events.
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