Much of the study of probabilistic inventory models,queuing models,and reliability models relies heavily on the Poisson and exponential distributions.

Question

Quizplus · Accepted Answer

These models often involve random events occurring independently and at a constant average rate, conditions under which the Poisson and exponential distributions are particularly applicable. The Poisson distribution is used to model the number of events in fixed intervals of time or space, while the exponential distribution models the time between events in a Poisson process.

Much of the Study of Probabilistic Inventory Models,queuing Models,and Reliability