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Exponential: time between Poisson events; memoryless

Time between independent events arriving at a constant rate. The continuous memoryless distribution; gaps between Poisson arrivals.

Method · Exponential
Intro
Exponential probability density curves for ฮป=0.5, 1.0, 1.5 โ€” taller spike + faster decay as ฮป rises.
Skbkekas, public domain โ€” Wikipedia Exponential distribution article · Public Domain · Wikimedia Commons

How long do you wait for the next bus, or the next phone call to a help desk? If those events happen at a steady average rate, the gap between consecutive events follows an Exponential distribution โ€” the simplest model of waiting time. (For the connection-minded: it's the continuous cousin of the Geometric, and stacking k of them gives the Gamma.)

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