Abstract: A positive linear operator, modifying the well-known Bernstein Polynomial (Positive Linear Operator)`s weight function has been proposed. It uses a new weight functions derived using a probabilistic approach. The resultant polynomial approximation operator has been studied analytically for its convergence rate, as also empirically using a simulation study to compare it with the Bernstein`s polynomial approximation operator. The approximating polynomials have been computed for certain selected functions and with different number of node points in the interval of approximation C [0, 1], without any loss of generality. It has been observed that the proposed polynomial approximation formula produces significantly better approximating polynomials.