Comparison of classic and Bayesian estimate of mean time b in a Poisson process
The classics statistics estimate of b is given by:
where we have observed n durations (random samples from an Exponential distribution) with mean x.
The Bayesian estimate with a p(b) = 1/b prior, and a likelihood function of VoseGammaProb(n*x,n,b,0) gives a slightly lower estimate than the classic estimate for small n.
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Bayesian |
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- RISK ANALYSIS SOFTWARE
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- Tamara - project risk analysis
- Introduction to Tamara project risk analysis software
- Launching Tamara
- Importing a schedule
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