An oil exploration company has determined at a site that the oil discovery probability is 0.65 per

Question:

An oil exploration company has determined at a site that the oil discovery probability is 0.65 per well. Assume that the oil exploration attempts, that is, the wells, are independent,

(a) What is the probability that oil will be discovered on the first attempt?

(b) What is the probability that oil will be discovered on the second attempt?

(c) How many wells are needed in order to discover oil with a probability of 0.99?

(e) Plot the number of attempts as a function of the probability in part

(c) over the probability range from 0.85 to 0.9999.

Step by Step Answer:

Related Book For book-img-for-question

Probability Statistics And Reliability For Engineers And Scientists

ISBN: 9781439809518

3rd Edition

Authors: Bilal M. Ayyub, Richard H. McCuen

See More Books

Question Posted: Sep 19, 2024 02:27 PM

See More Questions

A close company which prepares accounts to 31 March each year is owned and managed by a single shareholder/director who is not a Scottish taxpayer and who is paid a salary of 5,000 per month. In...
Let Bn = balance of a loan after n payments, In = the interest portion of the nth payment, and Qn = the portion of the nth payment applied to the principal. Equation (1) states that Bn = (1 + i)Bn-1...
Beograd Inc. works 50 weeks a year and has demand for a part that is constant at 100 units a week. The cost of each unit is $200 and the company aims for a return of 20% on capital invested. Annual...
An oil exploration company has determined at a site that the oil discovery probability is 0.65 per well. Assume that the oil exploration attempts, that is, the wells, are independent, (a) What is the...
The Extron Oil Company is considering making a bid for a shale oil development contract to be awarded by the federal government. The company has decided to bid $110 million. The company estimates...
Management of Modugno Corporation is considering whether to purchase a new model 370 machine costing $463,000 or a new model 240 machine costing $399,000 to replace a machine that was purchased 5...
A missile defense system is intended to kill any incoming missiles directed at a country. The missile defense system has a successful-kill probability of 0.85 per attempt by the system. Assume that...
A 10-year record of tornadoes per year to land in a particular region is 2, 2, 1, 3, 2, 1, 0, 2, 3, and 1. What is the probability of not having tornados in any 1 year? What are the average and...
In a recent year, the U.S. Mint in Denver manufactured 270 million quarters. Assume that on each day of production, a sample of 50 quarters is randomly selected, and the mean weight is obtained. a....
Sphere A carries $6.0 \mathrm{nC}$ of charge. It is placed $100 \mathrm{~mm}$ from sphere B, which carries $3.0 \mathrm{nC}$ of charge. Assume the spheres are much smaller than their separation...
The reversible catalytic reaction proceeds with decaying catalyst in a batch reactor (batch-solids, batchfluid). What can you say of the kinetics of reaction and deactivation from the following data:...
Design a suitable representation and draw the complete search tree for the following problem: A farmer is on one side of a river and wishes to cross the river with a wolf, a chicken, and a bag of...
West Highland Clothiers reported the following items at August 31, 2012 (amounts in thousands, with last years2011amounts also given as needed): Requirement 1. Compute West Highlands (a) acid-test...
(a) Show that the system of differential equations for the charge on the capacitor q(t) and the current i 3 (t) in the electrical network shown in Figure 7.6.9 is (b) Find the charge on the capacitor...
Consider a chain of (n 1) regenerative repeaters, with a total of n sequential decisions made on a binary PCM wave, including the final decision made at the receiver. Assume that any binary symbol...
1. Which of the four major types of information systems do you think is the most valuable to an organization? 2. How do you critically associate the ideas of business agility and business efficiency...
For the model in Exercise 12.2 give a highest posterior density credibility interval for p2. of 95 percent probability.
For the simple univariate regression model of Section 12.2. I suppose that instead of asuming the u,s are independent, we assume serially correlated errors with corr(u,u,) = p , i # j , var(u,) =...
For the simple univariate regression model of Section 12.2.1, suppose that instead of assuming the ups are independent N(0, 2), we assume that they are independent and that u, ~N(0, 0), where of ox,...

An oil exploration company has determined at a site that the oil discovery probability is 0.65 per

Question:

Step by Step Answer:

This question has not been answered yet.

Probability Statistics And Reliability For Engineers And Scientists

Students also viewed these Business questions