Meaning of renewal theory | Babel Free
Definitions
A branch of probability theory that generalizes the compound Poisson process for arbitrary holding times.
Examples
“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.”
CEFR level
B2
Upper Intermediate
This word is part of the CEFR B2 vocabulary — upper intermediate level.
This word is part of the CEFR B2 vocabulary — upper intermediate level.
See also
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