Only rate-limiting steps can be recovered from p(τ). Three- and 8-step processes were simulated in which the rate constant of the final step, kN, was varied whereas the rate constants of the previous steps, k, were held constant at 0.1 s−1. The resulting waiting time distributions were fit to gamma distributions to obtain the apparent number of (A) steps and (B) rate constant as a function of k/kN. The inverse of the randomness parameter was also calculated as a separate measure of N (A, green and red traces). (Color version available online).