rate parameter

The rate parameter, often denoted as "λ" (lambda), is a value used in certain statistical distributions, like the exponential or Poisson, to describe how quickly events happen. Think of it as the average number of times something occurs in a fixed period or space. A higher rate means events are more frequent, while a lower rate indicates they happen less often. For example, if a customer service center receives 10 calls per hour on average, its rate parameter would be 10. It helps quantify the speed or intensity of the process being studied.