Exponential Density Function-ECO6416

Exponential Density Function-ECO6416 - The mean and the...

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Exponential Density Function An important class of decision problems under uncertainty concerns the random durations between events. For example, the the length of time between breakdowns of a machine not exceeding a certain time interval, such as the copying machine in your office not breaking down during this week. Exponential distribution gives distribution of time between independent events occurring at a constant rate. Its density function is: f(t) = λ exp(- λ t), where λ is the average number of events per unit of time, which is a positive number.
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Unformatted text preview: The mean and the variance of the random variable t (time between events) are 1/ λ , and 1/ λ 2 , respectively. Applications include probabilistic assessment of the time between arrivals of patients to the emergency room of a hospital, and time between arrivals of ships at a particular port. Comments: Itis a special case of Gamma distribution. You might like to use Exponential Density to perform your computations, and Lilliefors Test for Exponentiality to perform the goodness-of-fit test....
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