Renewal Theory

Renewal Theory is a branch of probability that models events or triggers that happen repeatedly over time, with the times between occurrences being random but statistically consistent. It helps predict long-term behavior, such as how often a machine might break down or when a customer might return. Essentially, it studies the process of "renewals" or resets, providing tools to analyze systems where recurring events occur at irregular intervals, enabling better planning, maintenance, and decision-making based on the expected pattern of these events.