Answered: The occurrence of floods in a county…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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The occurrence of floods in a county follows a Poisson distribution with a return
period of 20 years. The damage in each flood is log-normally distributed with a mean
of $2 million and a coefficient of variation of 25%. Assume that damage in any one
flood is statistically independent of the damage in any other flood.

(a) What is the probability of more than two floods occurring in the county during the next 10 years?

(b) What is the probability that damage in the next flood will exceed $3 million?

(c)
What is the probability than none of the floods that could occur in the next 10 years
will cause damage exceeding $3 million?

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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