The exponential distribution
is a continuous
probability distribution. It
is represented by:
The exponential distribution
is closely related to the Poisson
distribution, and is also used
for reliability engineering. It models situations
where the failure rate is constant. This
occurs in the 'useful life' phase, when
the item concerned will operate until it
is affected by some external factor.
An example would be tire punctures.
Most punctures are caused by objects on
the road and the likelihood of a puncture
is constant as long as the tread is not
badly worn, at which time the tire is hopefully
discarded.
