What is the Exponential Distribution?
The exponential distribution is a right-skewed continuous probability distribution that models variables in which small values occur more frequently than higher values. It is a unimodal distribution where small values have relatively high probabilities, which consistently decline as data values increase. Statisticians use the exponential distribution to model the amount of change in people’s pockets, the length of phone calls, and sales totals for customers. In all these cases, small values are more likely than larger values. [Read more…] about Exponential Distribution: Uses, Parameters & Examples