Gamma Distribution

The Gamma distribution is a statistical way to model the waiting times for a certain number of events occurring, where each event happens randomly but at a consistent average rate. For example, it can predict how long you'd wait between bus arrivals if buses come randomly but roughly every 15 minutes. It is characterized by two parameters: one that influences the average waiting time and another that affects the variability. The distribution is flexible and useful in fields like reliability engineering, survival analysis, and queuing theory for modeling processes involving waiting times or the sum of multiple waiting periods.