The gamma distribution is a two-parameter family of continuous probability distributions commonly used to model the time until an event occurs, such as waiting times or failure rates. It is defined by a shape parameter, often denoted as 'k', and a scale parameter, usually represented as 'θ'. This distribution is particularly useful in various fields, including risk assessment, because it can describe processes that involve random variables that are the sum of exponentially distributed variables.
congrats on reading the definition of gamma distribution. now let's actually learn it.