What is it about?
Continuous probability distributions that are flexible enough to represent a wide range of uncertainties such as those that commonly arise in business, technology, and science. These distributions are highly flexible, quantile-parameterized, have simple closed-form equations, and are fast and easy to simulate.
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Why is it important?
In a world with rapidly increasing data, more flexible and easier-to-use probability distributions are needed to represent that data.
Perspectives
250 years ago, Bayes provided the rationale and foundation for continuous probability distributions that can have virtually any shape. The Metalog Distributions have flexibility to do so over a wide range and also are practical and easy to use.
Tom Keelin
Read the Original
This page is a summary of: The Metalog Distributions, Decision Analysis, December 2016, INFORMS,
DOI: 10.1287/deca.2016.0338.
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