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Definition: Gamma distribution is a distribution that arises naturally in processes for which the waiting times between events are relevant. It can be thought of as a waiting time between Poisson distributed events. Probability density function: The waiting time until the hth Poisson event with a rate of change Î» is.
Beta distribution. In probability theory and statistics, the beta distribution is a family of continuous probability distributions defined on the interval, 1] parametrized by two positive shape parameters, denoted by Î± and Î², that appear as exponents of the random variable and control the shape of the distribution.