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Hi, can someone please help me with this, really struggling.
Suppose that the number of repairs needed to old trains is Poisson distributed with a mean number of 0.3 breakdowns per year per train. There are 40 trains. What would be the expected cost of breakdowns in any one year if the cost per breakdown is £166667?
How much would the reliability of the trains have to improve (i.e. how much would the probability of breakdown have t decrease by) in order that the probability of the breakdown cost in any one year is less than £1000000 is 0.6?
If this were achieved, what would be the probability of at least 5 out of the 8 years having a repair cost less than £1000000?
i know for the first part its 166667*40*0.3
and the last part is probably binomial ?
Thanks
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