Thanks David Q/R for your kind help.It did answer my question. They say for less then five failure and successes we use "exact method" and I was not finding about exact method.
Thanks
You're welcome! I'm glad I could help. The "exact method" is a statistical approach used when the number of successes or failures is small (usually less than five). This method involves calculating the exact probabilities instead of using approximations. It takes into account the specific number of successes and failures in order to accurately determine probabilities. If you have any more questions, feel free to ask!
You're welcome! I'm glad I could help answer your question. The "exact method" refers to a mathematical approach used to calculate probabilities for a small number of successes and failures. It is commonly applied when dealing with situations where the number of successes or failures is less than five.
To understand more about the "exact method," you can refer to textbooks or online resources about probability theory or statistics. These resources will provide you with a detailed explanation and formulas for calculating exact probabilities for small sample sizes.
In addition, you can also consult statistical software or online calculators specifically designed to compute exact probabilities. These tools can significantly simplify the calculations and provide you with accurate results for different scenarios.
Remember, the exact method is just one of several approaches available for calculating probabilities, and it is particularly useful for small sample sizes. Understanding the underlying concepts and formulas will enable you to tackle probability problems effectively and make informed decisions based on your findings.