Determining prior distributions for uncorrelated parameters


Situation: you have no information that would lead you to believe that your prior distributions for each parameter are correlated. In this case it is accepted practice to assume independence between your prior distributions and therefore determine each prior distribution separately. The following flow diagram guides you through the various options:

 

See Also

 

ModelRisk

Monte Carlo simulation in Excel. Learn more

Tamara

Adding risk and uncertainty to your project schedule. Learn more

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