What are some common misconceptions about binomial distribution?
Understanding binomial distribution is fundamental in statistics, but it's often surrounded by misconceptions. Binomial distribution describes the number of successes in a fixed number of independent trials of a binary, yes-or-no experiment. For instance, flipping a coin has two possible outcomes: heads or tails. When you're assessing the probability of getting a certain number of heads over multiple flips, you're dealing with a binomial distribution. However, the simplicity of this concept can lead to misunderstandings about its application and characteristics.