What are the probability distributions for the annual benefit and life for the following project? The annual benefit’s most likely value is $8000 with a probability of 60%. There is a 30% probability that it will be $5000 and the highest likely value is $10,000. A life of 6 years is twice as likely as a life of 9 years.
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.
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