renewal theory
A branch of probability theory that generalizes the compound Poisson process for…A branch of probability theory that generalizes the compound Poisson process for arbitrary holding times.
Meaning
1 senses(uncountable)A branch of probability theory that generalizes the compound Poisson process for arbitrary holding times.
Renewal theory may be used to calculate the best strategy for replacing worn-out machinery, or to compare the long-term benefits of different insurance policies.
Lessons for this word
1 lessons- A1Countable and uncountable nouns — Because it can be uncountable
See also
neighbours in the dictionaryDictionary text adapted from Wiktionary (Wiktionary contributors, CC BY-SA 4.0) and Open English WordNet / Princeton WordNet (CC BY 4.0, WordNet License); shared under CC BY-SA 4.0. Example sentences and recordings are credited where they appear.