Modeling in the Absence of Data
step 2: Place a pdf on [a, b] that is representative of X.
(a) triangular distribution
- determine the most likely value of X.
- c is the mode of the distribution of X.
Given a (minimum value), b (maximum value), and c (most likely value), the random variable x is then considered to have a triangular distribution.
Subjective estimates of a and b may be problematic!