According to the Central Limit Theorem, the normal distribution can be used as an approximation to the binomial distribution, if the sample size is large enough.
If X is Binomial (n, p):
$$E(X) = np$$ $$Var(V) = np(1-p)$$The approximate equivalent normal distribution is N[np,√(np(1-p))], provided np≥ 5 and n(1- p)≥ 5 (thumb rule).
Use the Search Bar to find content on MarketingMind.
In an analytics-driven business environment, this analytics-centred consumer marketing workshop is tailored to the needs of consumer analysts, marketing researchers, brand managers, category managers and seasoned marketing and retailing professionals.
Unlock the Power of Digital Marketing: Join us for an immersive online experience designed to empower you with the skills and knowledge needed to excel in the dynamic world of digital marketing. In just three days, you will transform into a proficient digital marketer, equipped to craft and implement successful online strategies.