Lamdba (like most Greek letters in statistics) usually denotes a parameter of a distribution (usually of Poisson, gamma or exponential distributions). This will specify the entire distribution and allow for numerical analysis of the probability generating, moment generating, probability density/mass, distribution and/or cumulant functions (along with all moments), as and where these are defined.
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Where f(x) = lambda* exp(-lambda*x), Inverse cumulative distribution= -ln(1-p)/lambda. See http://en.wikipedia.org/wiki/Exponential_distribution Note that if used in random number generation, with "x" equal to the random deviate, then given U ~ uniform(0,1), then x = -ln(U)/lambda.
The two main branches of statistics is Descriptive statistics and inferential statistics.
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No, 'statistics' is a noun.