The exponential distribution is a statistical probability distribution that models the time between events in a process where events occur continuously and independently at a constant average rate. It is often associated with processes exhibiting memorylessness, meaning that the probability of an event occurring in the future is unaffected by past occurrences.
In simpler terms, the exponential distribution is characterized by a constant hazard rate, representing the likelihood of an event happening in a given interval. This distribution finds application in diverse fields, including reliability engineering, queuing theory, and telecommunications, where it helps model the time until the next event or failure. The exponential distribution is defined by a single parameter, the rate parameter, which influences the shape and scale of the distribution.
