A renewal process is a stochastic process that models the occurrence of random events that happen independently of each other and that have a finite lifespan, such as the failure of a machine or the arrival of a new customer at a store.
A renewal process is a stochastic process that models the occurrence of random events that happen independently of each other and that have a finite lifespan, such as the failure of a machine or the arrival of a new customer at a store.