What are the 4 characteristics of a binomial experiment? Can we use a binomial distribution to model this process? What is the probability that the entire batch unnecessarily has to be tested if in fact 95% of its laptops conform to specifications? (Hint: Use Excels =BINOMDIST() function to find the probability) What is the probability that the batch is incorrectly accepted if only 75% of its laptops actually conform to specifications? What situations in your organization might this type of analysis apply to? Explain