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  1. M

    How do I fit a distribution to these data?!?!

    I actually have two different datasets - the second one is similar to this one, just with lower mean, median, etc. I want to be able to make some probability statements about the two processes that generated these data. For example, under process A, the probability of a measurement being >...
  2. M

    How do I fit a distribution to these data?!?!

    I am trying to fit a distribution to some data that consist of measurements of dollar amounts. The range is basically 0 to 300,000 (this range encompasses more than 99% of all measurements), although there are measurements that exceed this. The summary stats for the data look like this: Summary...
  3. M

    Beta distribution - mean vs mode

    As I understand it, the mean is the expected value over the long-run and I would have thought that the expected value would be where the likelihood is maximized (in the case of a unimodal distribution, at the mode....)
  4. M

    Beta distribution - mean vs mode

    I'm new to probability distributions and I'm trying to understand something about the Beta distribution. Suppose I am practicing kicking field goals and I want to understand the probability of successful attempts. If I create a Beta distribution like this: Beta(20,10) Where 20 is the number of...