Exponential Distribution

Abstract

In establishing a probability model for a real-world phenomenon, it is always necessary to make certain simplifying assumptions to render the mathematics tractable. However, we cannot make too many simplifying assumptions, for then our conclusions, obtained from the probability model, would not be applicable to the real-world phenomenon. Thus, we must make enough simplifying assumptions to enable us to handle the mathematics but not so many that the model no longer resembles the real-world phenomenon.