Binomial distributions | Probabilities of probabilities, part 1

A video on YouTube. In Science & Engineering, a Krater category.

Summary by Krater

This video explores how to mathematically evaluate online seller ratings and introduces the binomial distribution model to quantify confidence based on sample size.

From the video

Answers: How do you rationally evaluate which online seller to buy from based on their ratings and review counts?

binomial distribution
probability
statistics
online reviews
Laplace's rule of succession
success rate
modeling

What it concludes

More data increases confidence in an online rating, balancing absolute percentage against sample size.
Laplace's rule of succession provides a method to calculate adjusted probabilities for seller satisfaction.
The binomial distribution formula models the probability of observing specific review outcomes given an assumed success rate.

Rate it, review it and add it to your lists in Krater.

Titles and thumbnails from YouTube. Krater isn't affiliated with, endorsed by or sponsored by YouTube or Google.