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Microsoft® Excel Data Analysis and Business Modeling by Wayne L. Winston

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Chapter 57. Weibull and Beta Distributions: Modeling Machine Life and Duration of a Project

  • I want to know the probability that a machine will work without failing for at least 20 hours. How would I estimate this probability?

  • I want to know the probability that installing dry wall on a building will take more than 200 hours. How would I estimate this probability?

The Weibull random variable is a continuous random variable that is often used to model the lifetime of a machine. If we have data about how long similar machines have lasted in the past, we can estimate the two parameters (alpha and beta) that define a Weibull random variable. You can then use the WEIBULL function in Excel to determine probabilities of interest, such as an estimate of ...

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