In this video tutorial I show you how the Poisson Distribution can be used as an approximation to the Binomial Distribution providing certain conditions are met. This will help simplify some calculations.

Example

Now we have an example where the approximation can be used. However, the video will compare the real answer with the approximation. You may like to try it before looking at the video and comparing your working.
A factory produces a particular electrical component and on average 1 in 50 is faulty. In a batch of 300 components taken at random, what is the probability of having at least eight faulty components?