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Binominal Distribution in Business

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How can the binomial distribution be used in a business situation? What type of data would you use and what would you learn from this?

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Solution Summary

How binomial distribution can be used in a business scenario is explained. The resulting data is discussed as well.

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A business owner decides to use a binomial distribution to solve one of his problems. He knows there is a 60 percent probability that he will sell one of his Red Oak floors to any customer who comes into his shop and views the wood. Out of the next 7 people who come into his shop, ...

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