The ΛCDM (Lambda cold dark matter) or Lambda-CDM model is a parameterization of the Big Bang cosmological model in which the universe contains three major components: first, a cosmological constant denoted by Lambda (Greek Λ) associated with dark energy; second, the postulated cold dark matter (abbreviated CDM); and third, ordinary matter. It is frequently referred to as the standard model of Big Bang cosmology because it is the simplest model that provides a reasonably good account of the following properties of the cosmos: the existence and structure of the cosmic microwave background the large-scale structure in the distribution of galaxies the observed abundances of hydrogen (including deuterium), helium, and lithium the accelerating expansion of the universe observed in the light from distant galaxies and supernovae The model assumes that general relativity is the correct theory of gravity on cosmological scales. It emerged in the late 1990s as a concordance cosmology, after a period of time when disparate observed properties of the universe appeared mutually inconsistent, and there was no consensus on the makeup of the energy density of the universe. The ΛCDM model can be extended by adding cosmological inflation, quintessence, and other elements that are current areas of speculation and research in cosmology. Some alternative models challenge the assumptions of the ΛCDM model. Examples of these are modified Newtonian dynamics, entropic gravity, modified gravity, theories of large-scale variations in the matter density of the universe, bimetric gravity, scale invariance of empty space, and decaying dark matter (DDM). Overview The ΛCDM model includes an expansion of metric space that is well documented both as the red shift of prominent spectral absorption or emission lines in the light from distant galaxies and as the time dilation in the light decay of supernova luminosity curves. Both effects are attributed to a Doppler shift in electromagnetic radiation as it travels across expanding space. Although this expansion increases the distance between objects that are not under shared gravitational influence, it does not increase the size of the objects (e.g. galaxies) in space. It also allows for distant galaxies to recede from each other at speeds greater than the speed of light; local expansion is less than the speed of light, but expansion summed across great distances can collectively exceed the speed of light. The letter Λ (lambda) represents the cosmological constant, which is currently associated with a vacuum energy or dark energy in empty