In statistics, a binomial setting refers to an experiment with two possible outcomes (success or failure) for each trial, fixed number of trials, independence between trials, and constant probability of success for each trial.
Related terms
Bernoulli Trial: An individual trial within a binomial experiment that has only two possible outcomes.
Probability Distribution Function (PDF): A function that describes all possible values and their associated probabilities in a probability distribution.
Expected Value: The average value expected from an experiment over many repetitions.