Intro to Probability
In the context of the Poisson distribution, λ (lambda) represents the average rate at which events occur within a fixed interval of time or space. This parameter is crucial as it defines the expected number of occurrences in that interval and is the foundation upon which the Poisson distribution is built. Understanding λ allows for modeling situations where events happen independently and at a constant mean rate, making it essential in various fields like queuing theory, telecommunications, and traffic flow.
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