Chapter 70. Weibull and beta distributions: modeling machine life and duration of a project
Questions answered in this chapter:
How can I estimate the probability that a machine will work without failing for at least 20 hours?
How can I estimate the probability that hanging drywall in a building will take more than 200 hours?
The Weibull random variable is a continuous random variable that is often used to model the lifetime of a machine. If you have data about how long similar machines have lasted in the past, you can estimate the two parameters (alpha and beta) that define a Weibull random variable. You can then use the WEIBULL.DIST function in Microsoft Excel 2013 to determine probabilities of interest such as an estimate of how long a machine ...
Get Microsoft Excel 2013: Data Analysis and Business Modeling now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
