Poisson Distribution

The Poisson distribution is a statistical model that describes the probability of a given number of events occurring within a fixed interval of time or space, assuming these events happen independently and at a constant average rate. For example, it might be used to predict the number of phone calls received at a call center in an hour or the number of customers arriving at a store. Key characteristics include that the events must occur randomly, and the average rate of occurrences (lambda, λ) is known. It’s particularly useful for rare events occurring over time.