Draw an uncertain event that is characterized by an exponential distribution.
The exponential distribution is the probability distribution that describes the time between events in a Poisson point process, i.e., a process in which events occur continuously and independently at a constant average rate.
Example of Exponential Distribution:
You observe the number of calls that arrive each day over a period of a year, and note that the arrivals follow a Poisson distribution with an average of 3 per day.
Let T be the waiting time between calls.
Then T will follow an exponential distribution.
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