Chapter 59. Weibull and Beta Distributions: Modeling Machine Life and Duration of a Project
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 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 Microsoft Office Excel 2007 to determine probabilities of interest, such as an estimate of how long a machine will run without failing.
The Beta ...
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