an oil exploration company currently has two active projects, one in asia and the other in europe. let a be the event that the asian project is successful and b be the event that the european project is successful. suppose that a and b are independent events with p(a)

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08-09-2022
Business

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an oil exploration company currently has two active projects, one in asia and the other in europe. let a be the event that the asian project is successful and b be the event that the european project is successful. suppose that a and b are independent events with p(a)

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khuranashilpa76 khuranashilpa76 · Answer 1 · 2022-09-11T20:54:47+02:00

Exploration & production (E&P) is a specific sector within the oil exploration company and gas industry linked to the early stage of energy production, which generally involves searching for and extracting oil and gas. An E&P company finds and extracts the raw materials used in the energy business.

The problem deals with the concepts of the probability of events, such as the probability of complementary events, the probability of the union of events, the probability of the intersection of events, and the conditional probability of events.

Probability of Events

Compliment of Event and its probability:

For any event A, the complement of A is,

P(A)=1-P(A)

Union of events and its probability:

For andA2 be any two events, then

P(AUG)- P(4)+P(A)-P(ANA)

Here, ANĄ represents a set consisting of those elements which belong to both andA2, and AUA represents a set consisting of all those elements which belong to either orA2 or both.

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