Birth-Death Processes

A Birth-Death Process is a mathematical model used to describe systems that change over time through "births" (increases) and "deaths" (decreases). Imagine a population of animals in a habitat: each time an animal is born, the population increases (birth), and when an animal dies, the population decreases (death). This model helps analyze how populations fluctuate, predict future sizes, and understand behaviors in various fields like biology, queueing theory, and economics. Through this process, we can study the dynamics of systems where items or individuals are added or removed over time.