The application of the binomial model involves the following steps:
Identify the number of trials (n): This could be the number of individuals in a study or the number of times a particular event is observed. Determine the probability of success (p): This is the likelihood of the event occurring in a single trial. For example, the probability of contracting a disease after exposure. Calculate the expected number of successes: This can be done using the binomial formula: P(X = k) = (n choose k) * p^k * (1-p)^(n-k), where k is the number of successes.
