The Local Police Department Must Write,on Average,5 Tickets a Day

question 110

Short Answer

The local police department must write,on average,5 tickets a day to keep department revenues at budgeted levels.Suppose the number of tickets written per day follows a Poisson distribution with a mean of 6.4 tickets per day.Find the probability that exactly 6 tickets are written on a randomly selected day from this population.

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Definitions:

Standard Deviation

A statistical measure of the dispersion or variability in a dataset, commonly used in finance to quantify the risk associated with a security's price movements.

Risk

The exposure to the possibility of financial loss or variation in the returns of an investment.

Standard Deviation

Standard deviation measures the amount of dispersion or variability in a set of values, indicating how much the individual data points differ from the mean or average.

Utility Score

A numerical assessment that quantifies the satisfaction or utility an individual receives from making certain choices or consuming various goods and services.