Practice Problem 2 On average a property inspector will find 5 issues with a new building per hour. When looking over an apartment building, what is the probability the inspector will find at least 25 issues in any 4-hour period?
Probability Basics: You should be familiar with basic probability concepts, such as events, outcomes, probability distributions, and the concept of probability mass functions.
Poisson Distribution: Understand what the Poisson distribution is and its characteristics. The Poisson distribution is used to model the number of events occurring within a fixed interval of time or space when these events happen with a known average rate.
Lambda (λ): Understand the concept of lambda (λ), which represents the average rate of events in the Poisson distribution. In this problem, λ is the average number of issues the inspector finds per hour.
Probability Mass Function (PMF): Familiarize yourself with the probability mass function for the Poisson distribution, which allows you to calculate the probability of a specific number of events occurring within a given interval.
Cumulative Probability: Understand the concept of cumulative probability, which is used to find the probability of events up to a certain point or a range of values in the distribution.
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