The 4 Parameter Beta Distribution 7 Formulas
This is part of a short series on the common life data distributions.
The Beta distribution is a univariate continuous distribution. This short article focuses on 7 formulas of the Beta Distribution.
If you want to know more about fitting a set of data to a distribution, well that is in another article.
The Beta function is not used to describe life data very often yet is used to describe model parameters that are contained within an interval. For example given a probability parameter constrained from 0 ≤ p ≤ 1 the use of the Beta distribution is well suited to model such a parameter.
The Beta distribution is also known as a Pearson Type I distribution. [Read more…]