Beta Distribution — Intuition, Examples, and Derivation
<p>The Beta distribution is <strong>a probability distribution <em>on probabilities</em></strong>.<br />
It is a versatile probability distribution that could be used to model probabilities in different scenarios. Examples include the Click-Through Rate (CTR) of an advertisement, the conversion rate of customers purchasing on your website, the likelihood of readers clapping for your blog, the probability of Trump winning a second term, the 5-year survival rate for women with breast cancer, and so on.</p>
<p>Because the Beta distribution models a probability, its domain is bounded between <strong>0 </strong>and <strong>1</strong>.</p>
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