Actuarial Mathematics
In the context of Poisson processes and arrival times, 't' represents a specific point in time that is used to analyze the occurrence of events. This variable is crucial for understanding the dynamics of events happening over a defined period, helping to determine how many arrivals are expected by that time and the likelihood of observing certain numbers of events within that interval. The concept of 't' allows for the modeling of time until the next event occurs and helps in calculating various probabilities associated with the timing of events.
congrats on reading the definition of t. now let's actually learn it.