151. Bernoulli
151.1. Bernoulli Trial (Binomial trial)
A Bernoulli trial is a random experiment with exactly two possible outcomes: “success” and “failure,” where the probability of success () remains constant across trials.
Example
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Flipping a fair coin where “heads” is considered a success () and “tails” a failure ().
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Rolling a die and checking if the outcome is a 6 (success) or not (failure). If the die is fair, the probability of success is and the probability of failure is .
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Checking whether a shipment arrives on time (success) or is delayed (failure). If historical data shows that a shipment has a 90% chance of arriving on time, the probability of success () is 0.9, and the probability of failure () is 0.1.
151.1.1. Odds
Odds for ()
Odds against ()