The BETA
Distribution
The BETA distribution is a distribution with two parameters,
typically denoted "a" and "b" in its PDF, that influence its shape quite
dramatically. Depending on the values of "a" and "b", the BETA distribution can
be all the way from approximately Uniform to approximately Normal. [10] However, forms of the BETA distribution
that are most useful to projects are asymmetrical curves that look something
like rounded-off triangles. Indeed, it is not incorrect to think that the
Triangular distribution approximates the BETA distribution. But for the
rounded-off appearance of the BETA distribution, it appears in many respects the
same as the Triangular distribution, each having a skew to one side or the other
and each having finite tails that come down to specific values on the horizontal
value axis. Events that happen in nature rarely, if ever, have distinct
endpoints. Mother Nature tends to smooth things out. Nevertheless, the BETA
distribution approximates many natural events quite well.
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