A link between two-sided power and asymmetric Laplace distributions: with applications to mean and variance approximations
Motivated by our investigations of refinements of the project evaluation and review technique (PERT), we have developed a reparameterization of the asymmetric Laplace distribution and found it to be a useful tool for extending and improving various three-point approximations of continuous distributions (pioneered by Pearson and Tukey (Biometrika 52(3/4) (1965) 533)) by specifying the values of two quantiles and the mode.
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Volume (Year): 71 (2005)
Issue (Month): 4 (March)
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References listed on IDEAS
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- Hon-Shiang Lau & Amy Hing-Ling Lau & Chrwan-Jyh Ho, 1998. "Improved Moment-Estimation Formulas Using More Than Three Subjective Fractiles," Management Science, INFORMS, vol. 44(3), pages 346-351, March.
- C. Perry & I. D. Greig, 1975. "Estimating the Mean and Variance of Subjective Distributions in PERT and Decision Analysis," Management Science, INFORMS, vol. 21(12), pages 1477-1480, August.
- Kamburowski, J., 1997. "New validations of PERT times," Omega, Elsevier, vol. 25(3), pages 323-328, June.
- Hinkley, David V. & Revankar, Nagesh S., 1977. "Estimation of the Pareto law from underreported data : A further analysis," Journal of Econometrics, Elsevier, vol. 5(1), pages 1-11, January.
- Donald L. Keefer & Samuel E. Bodily, 1983. "Three-Point Approximations for Continuous Random Variables," Management Science, INFORMS, vol. 29(5), pages 595-609, May.
- Joseph J. Moder & E. G. Rodgers, 1968. "Judgment Estimates of the Moments of Pert Type Distributions," Management Science, INFORMS, vol. 15(2), pages B76-B83, October.
- Donald L. Keefer & William A. Verdini, 1993. "Better Estimation of PERT Activity Time Parameters," Management Science, INFORMS, vol. 39(9), pages 1086-1091, September.
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