Statistical distributions describe how values of a random variable are spread or arranged. They provide a framework for understanding the likelihood of different outcomes in a dataset. Common types include the normal distribution, which is bell-shaped and symmetrical, and the binomial distribution, which models the number of successes in a fixed number of trials. Each distribution has specific characteristics, such as its mean and variance, which help summarize the data. Understanding these distributions is essential for statistical analysis, as they inform decisions in fields like economics, healthcare, and social sciences.