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Choosing the Probability Distribution from Data

In: Essentials of Monte Carlo Simulation

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  • Nick T. Thomopoulos

    (Illinois Institute of Technology, Stuart School of Business)

Abstract

Computer simulation models often include one or more variables that play important roles in the model. Some of the random variables are of the continuous type and others are discrete. The analyst is confronted with choosing the proper probability distribution for each variable, and also with estimating the associated parameter(s) value. The chapter describes some of the common ways to select the distribution and to estimate the associated parameter values when some empirical or sample data is available from the real system.

Suggested Citation

  • Nick T. Thomopoulos, 2013. "Choosing the Probability Distribution from Data," Springer Books, in: Essentials of Monte Carlo Simulation, edition 127, chapter 0, pages 113-135, Springer.
    • Handle: RePEc:spr:sprchp:978-1-4614-6022-0_10
    DOI: 10.1007/978-1-4614-6022-0_10
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