What type of probability distribution is commonly used to model failure rates in pipeline risk assessment?

The exponential distribution is commonly used to model failure rates in pipeline risk assessment, particularly for situations where the failure rate is assumed to be constant over time. A probability distribution is a mathematical function that describes the likelihood of different outcomes occurring. The exponential distribution is characterized by a single parameter, often denoted as λ (lambda), which represents the failure rate. The failure rate is the probability that a component will fail per unit of time. The exponential distribution assumes that the failure rate is constant, meaning ....