Renewal Theories

Renewal theories are mathematical models used to analyze events that happen repeatedly over time, such as machine failures or customer arrivals. They focus on understanding the timing between these events and the process's long-term behavior. By examining the intervals between occurrences, renewal theory helps predict future events, estimate system reliability, and optimize maintenance schedules. It provides tools to analyze how a system "renews" itself after each event, allowing for effective planning and improved decision-making in various fields like engineering, economics, and health.