Dr. Wilson is considering investing a fixed sum of money in each of three business ventures. Assume that the probability distribution for the number of successful ventures out of three is as follows:                                   X                            P(X)                      0                               .022                     1                               .194                    2                                .434                    3                                .350   What is the expected value for the number of successful ventures? What is the standard deviation for the number of successful ventures? What is the probability that Dr. Wilson will enjoy at least two successful ventures? What is the probability that Dr. Wilson will enjoy no successful ventures?

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Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.