On a Pipeline, a Device Know Affectionately as a Pig

question 4

Essay

On a pipeline, a device know affectionately as a pig, checks the pipeline seams for leaks. The hundreds of thousands of seams along the 500 mile pipeline can be considered a steady stream of product. At any given moment, the pipeline managers estimate that 1% of the seams will need to be repaired. What is the probability that in the next sample of 25 seams, 2 or fewer of the seams will need repair?

---

Definitions:

Values

The importance, worth, or usefulness of something, often determined by personal principles or market conditions.

Bid

An offer of a certain price for something, especially in contexts like auctions or financial markets, where it reflects the amount a buyer is willing to pay.

English Auction

A type of public auction where bids are openly made and raised until no higher bids are forthcoming, with the highest bidder winning the item.

Rational Self-Interest

The principle that individuals tend to make decisions that they believe are best for themselves, maximizing their own utility.