Suppose an analyst would like to use the beta distribution to simulate the processing time of an activity. No field data are available for a goodness-of-fit test, but the analyst was told that the most likely processing time is 18.6 min, with a minimum of 10 min and a maximum of 20 min. It is also known that the average time is 17.8 min. With this information, the analyst can estimate the value of the shape parameters as follows: απ (x-a)(2c-a-b) β ẞ= a(b-x) (c-x)(b-a) (x-a)
Suppose an analyst would like to use the beta distribution to simulate the processing time of an activity. No field data are available for a goodness-of-fit test, but the analyst was told that the most likely processing time is 18.6 min, with a minimum of 10 min and a maximum of 20 min. It is also known that the average time is 17.8 min. With this information, the analyst can estimate the value of the shape parameters as follows: απ (x-a)(2c-a-b) β ẞ= a(b-x) (c-x)(b-a) (x-a)
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.3: Measures Of Spread
Problem 1GP
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Question
![Suppose an analyst would like to use the beta distribution to simulate
the processing time of an activity. No field data are available for a
goodness-of-fit test, but the analyst was told that the most likely
processing time is 18.6 min, with a minimum of 10 min and a maximum
of 20 min. It is also known that the average time is 17.8 min. With this
information, the analyst can estimate the value of the shape
parameters as follows:
απ
(x-a)(2c-a-b)
β
ẞ= a(b-x)
(c-x)(b-a)
(x-a)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4869a0ea-1081-4404-bbd9-3cbaa22e51c7%2F1649370e-cf27-47a0-8a64-3a3b22b45f9a%2Fgyj4do8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose an analyst would like to use the beta distribution to simulate
the processing time of an activity. No field data are available for a
goodness-of-fit test, but the analyst was told that the most likely
processing time is 18.6 min, with a minimum of 10 min and a maximum
of 20 min. It is also known that the average time is 17.8 min. With this
information, the analyst can estimate the value of the shape
parameters as follows:
απ
(x-a)(2c-a-b)
β
ẞ= a(b-x)
(c-x)(b-a)
(x-a)
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