The Bernoulli Process Strictly speaking, the Bernoulli process must possess the following properties: 1. The experiment consists of repeated trials. 2. Each trial results in an outcome that may be...

Explain each briefly the FOUR (4) Properties of the Bernoulli Process.

Extracted text: The Bernoulli Process Strictly speaking, the Bernoulli process must possess the following properties: 1. The experiment consists of repeated trials. 2. Each trial results in an outcome that may be classified as a success or a failure. 3. The probability of success, denoted by p, remains constant from trial to trial. 4. The repeated trials are independent.