Probability Distributions: Poisson vs. Binomial Distribution

by sahn1998HW9Posted on 3 Comments

The Poisson and Binomial distributions are two fundamental discrete probability distributions used in data science and statistics. While both involve counting occurrences or successes, they differ in their underlying assumptions and use cases. If you’re like me, you might sometimes question whether to analyze a problem using the Poisson or Binomial distribution — especially if you haven’t …

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Bayes’ Theorem: Understanding Business Outcomes with Evidence

by sahn1998HW8Posted on No Comments

Bayes’ Theorem is one of the most widely used and celebrated concepts in statistics. It sets the basis of a probability theory that allows us to revise predictions or hypotheses based on new evidence. In a previous article on probability notations (1, 2), I introduced P(B∣A)— the probability of event B happening given that event …

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