Chapter 73 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 installing 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 to determine the probabilities of interest, such as an estimate of how long ...
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