Renewal Process

A stochastic counting process describing the times of successive events generated by independent and identically distributed interarrival intervals; renewals occur at event epochs and the process is used in reliability, inventory, and event-counting analyses.

A counting process in which successive interarrival intervals are independent and identically distributed nonnegative random variables; renewals occur at the partial sums of interarrival times, and the process restarts probabilistically at each renewal epoch.