Exponential Distribution

• Description: Models the time between events in a Poisson process.
• Parameter(s):     - $\lambda$: rate (inverse of the mean)
• Use Case: Time until next insurance claim, machine failure, customer arrival.
• Property: Memoryless (like geometric, but for continuous time).
• Mean: $\frac{1}{\lambda }$  
• Variance: $\frac{1}{{\lambda }^2}$