Actuarial Mathematics
Arrival rate is a key concept in queuing theory that quantifies the frequency at which entities or events, such as customers or calls, arrive at a service point within a given time period. It is typically denoted by the symbol λ (lambda) and is crucial for modeling and analyzing systems where waiting lines can form, such as in call centers, banks, or hospitals. Understanding the arrival rate helps in predicting system behavior and optimizing resource allocation.
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