The Probability of a Major Flood in Any Given Year

question 29

Essay

The probability of a major flood in any given year is the same whereas the probability of a major earthquake in any given year changes over time. Explain both how and why the probability of a major earthquake changes over time.

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Definitions:

Departmental Accounting

An accounting method that tracks the income and expenses of individual departments within a company, helping in performance assessment and budgeting.

Revenue

The total amount of money generated by the sale of goods or services related to a company's primary operations.

Expenses

Costs incurred during a business's operational activities.

Departments

Departments refer to distinct functional areas within an organization, each focusing on a specific area of operation like sales, human resources, or finance.