Assessing Probability Distributions from Data
Published Online: 15 JUN 2010
Copyright © 2010 John Wiley & Sons, Inc. All rights reserved.
Wiley Encyclopedia of Operations Research and Management Science
How to Cite
Jose, V. R. R. 2010. Assessing Probability Distributions from Data. Wiley Encyclopedia of Operations Research and Management Science. .
- Published Online: 15 JUN 2010
Data can be a powerful tool in the process of probability elicitation, especially in situations where a decision maker has limited prior experience in dealing with the event considered. We provide an introductory discussion on how historical data can be used to generate probability assessments. We also discuss some methods that can be used to incorporate explanatory variables in assessing probability distributions.
- fitting distributions;
- assessment of uncertainty