Skewness and the Beta Distribution |
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Authors: | Soumyo D Moitra |
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Institution: | 1.Bell Communications Research,Livingston,USA |
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Abstract: | In this paper, alternative methods for estimating the beta distribution are proposed that utilize more information than the standard method based on the best, worst and most likely estimates. In particular, it is shown how information on skewness or the decision-maker's level of confidence can be incorporated into the estimation process. This provides an alternative to the restrictive assumptions that have to be made in the standard method. This is particularly useful when the skewness is expected to be high, or in situations where the degree of uncertainty is high. |
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