The Number of Oil Tanker Ships Arriving at a Particular

question 7

Essay

The number of oil tanker ships arriving at a particular port each day is 10. The facilities at the port can dock and load/unload at most, 15 tanker ships per day. What is the probability that the port will need to turn a ship away? In other words, what is the probability that the number of ships arriving per day will be greater than 15?

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Definitions:

Ownership

The legal right or title to an asset or property, granting the owner control and decision-making powers over it.

Arbitration

A form of alternative dispute resolution where a neutral third party hears evidence from the disputants and makes a decision that can be binding.

Traditional Litigation

The process of resolving disputes by bringing them to court, as opposed to alternative dispute resolution methods.

Criticisms

The expression of disapproval based on perceived faults or mistakes.