Member-only story
The 1 Parameter Exponential Distribution 7 Formulas
The 1 Parameter Exponential Distribution 7 Formulas
This is part of a short series on the common life data distributions.
The Exponential distribution is popular and useful in isolated situations. It has some nice features and flexibility that support it’s popularity. This short article focuses on 7 formulas of the Exponential Distribution.
If you want to know more about fitting a set of data to a distribution, well that is in another article.
It has the essential formulas that you may find useful when answering specific questions. Knowing a distribution’s set of parameters does provide, along with the right formulas, a quick means to answer a wide range of reliability related questions.
Parameters
The 1-parameter Exponential distribution has a scale parameter.
The scale parameter is denoted here as lambda (λ). It is equal to the hazard rate and is constant over time. Be certain to verify the hazard rate is constant over time else this distribution may lead to very poor results and decisions.
The inverse of the scale parameter 1 / λ is commonly denoted by theta, θ, and called the MTBF or MTTF.
