RiskBeta

Description

RiskBeta specifies a beta distribution with shape parameters alpha1and alpha2, and possible values from 0 to 1. The Beta distribution is often used as a starting point to derive other distributions (such as the BetaGeneral, PERT, and BetaSubjective. It is intimately related to the Binomial distribution in a Bayesian context, representing the distribution of the uncertainty of the probability p of a Binomial process, based on observations of that process.

 

Examples

RiskBeta(1,2) returns a beta distribution with shape parameters 1 and 2.

RiskBeta(C12,C13) returns a beta distribution with shape parameters alpha1 and alpha2 taken from cells C12 and C13.

 

Guidelines

continuous shape parameter

continuous shape parameter

 

Domain

continuous

Density and Cumulative Distribution Functions

Here, B is the Beta Function and Bx is the Incomplete Beta Function.

Mean

Variance

 

Skewness

 

Kurtosis

 

Mode

     

0                       or  

1                       or  

 

Examples