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Explain Why the Exponential Distribution Is Frequently Used in Waiting

question 100

Essay

Explain why the exponential distribution is frequently used in waiting line (or queuing)theory,and provide three examples of what the exponential random variable can be used to model.


Definitions:

Accounts Payable

Money owed by a company to its creditors for goods or services that have been received but not yet paid for.

Cash

Money in the form of coins or banknotes, especially that which is available for transactions and accounting purposes.

Office Supplies

Items used in offices by businesses and other organizations for writing, printing, filing, and performing other tasks.

Accounts Payable

Obligations or amounts owed by a company to suppliers for goods or services that have been received but not yet paid for.

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