Earthquake Risk (Statistics homework help)
The USGS has measured the likelihood of a major earthquake along the Wasatch Front to follow a Poisson distribution with parameter lambda = 350 years. Answer the following two questions:
• What is the chance of experiencing an earthquake in our lifetime (or in the lifetime of someone born today)? Express this as a probability.
• Which kinds of businesses or organizations should spend resources to prepare for an earthquake?
Your submission should show your calculations and write up your conclusion on a single piece of paper. It does not need to be typed but it does need to be legible. You get half of the credit for following the correct process for your calculations and you get the other of the credit for interpreting your finding well.