Introduction
In a previous post I talked about estimating a binomial proportion, including for rare events. The reason I wrote that was for background to this post. Here, we’ll again be looking at estimating proportions - and can include rare events - but with an added wrinkle: A population that is finite.
In the Binomial case, every observation is assumed to be independent and have a fixed probability of the outcome of interest (a “success” or a “failure”).