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2.3.1 What probability distribution function(s) can be used to calculate probability of successfully finding oil for the very first time. ( 2.3.2 What is the probability that the third hole drilled is the first hole to yield a productive well? (^) 2.3.3 What is the expected number of holes that BP will drill until a productive well is found? Interpret your answer

2.3.1 What probability distribution function(s) can be used to calculate probability of successfully finding oil for the very first time. ( 2.3.2 What is the probability that the third hole drilled is the first hole to yield a productive well? (^) 2.3.3 What is the expected number of holes that BP will drill until a productive well is found? Interpret your answer

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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BP, a South African oil company will drill a succession of holes in a given area to find a productive well. The probability that they are successful on a given trial is 0.6. 2.3.1 What probability distribution function(s) can be used to calculate probability of successfully finding oil for the very first time. (* 2.3.2 What is the probability that the third hole drilled is the first hole to yield a productive well? (^) 2.3.3 What is the expected number of holes that BP will drill until a productive well is found? Interpret your answer 2.4 Explain in your own words and give an example how you would be able to identify when to use the Poisson probability distribution function to calculate the probability.
Transcribed Image Text:BP, a South African oil company will drill a succession of holes in a given area to find a productive well. The probability that they are successful on a given trial is 0.6. 2.3.1 What probability distribution function(s) can be used to calculate probability of successfully finding oil for the very first time. (* 2.3.2 What is the probability that the third hole drilled is the first hole to yield a productive well? (^) 2.3.3 What is the expected number of holes that BP will drill until a productive well is found? Interpret your answer 2.4 Explain in your own words and give an example how you would be able to identify when to use the Poisson probability distribution function to calculate the probability.
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