How To Calculate Range of Values Of A Random Variable (Binomially Distributed)

[moonman239]

1 Calculate the expected value of variable x (or E(x)) (number of trials * probability of success)
2 Calculate the variance (expected value * probability of a failure)

Take everything to the right of the decimal in the variance off. Then the range of future values is E(x) plus/minus the variance.

 

[moonman239]

The probability of error will always be below .5.

 

[statdad]

Are you asking whether this is true? On what basis do you make these statements?