Geometric Distribution

• Description: Models the number of trials needed to get the first success.
• Parameter(s):     - $p$: probability of success
• Use Case: Number of times you offer insurance before someone buys.
• Property: Memoryless (future probability doesn’t depend on past failures)
• Mean: $\frac{1}{p}$  
• Variance: $\frac{1-p}{p^2}$