A distribution usually used for determining confidence for proportions. If there are two possible outcomes, such as either “pass” or “fail” for product tests, or either “heads” or “tails” for coin tosses, then the binomial distribution might be used to estimate the probability of 5 passes and 1 fail in 6 product tests or 2 heads and 2 tails in 4 coin tosses.
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Beta Risk
