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Probability of failures during a year

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Reference no: EM133182820

Angela is concerned about water pipe replacement cost projections, as she's responsible for the rental, maintenance, and day-to-day operations of several large apartment complexes in a New Jersey small town. Using data from similar buildings she manages in a near-by suburb, Angela would like to simulate the number of water pipes each year from the probability of failures during a year as follows:

Number of Water Pipes Failures Probability
0 0.20
1 0.07
2 0.22
3 0.21
4 0.16
5 0.05
6 0.09

Do the following:

  1. For a span of thirty years, simulate Angela's yearly water pipe failures. Compute the average number of failure per year.
  2. Using the probability distribution, explain any difference between the simulated average failures and the expected value of failures.

Please use excel

Reference no: EM133182820

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