Gamma Distribution The gamma distribution is a continuous probability distribution that describes the duration of time until an event occurs in a random pro...
Gamma Distribution
The gamma distribution is a continuous probability distribution that describes the duration of time until an event occurs in a random process. It is a generalization of the exponential distribution, which is used to model the time until an event occurs in a continuous process with a known mean and variance.
The gamma distribution is characterized by two parameters: the shape parameter, (\alpha), and the scale parameter, (\beta). The shape parameter (\alpha) determines the shape of the distribution, and the scale parameter (\beta) determines the spread of the distribution.
Beta Distribution
The beta distribution is a continuous probability distribution that describes the proportion of a random variable that falls in a specific interval. It is a generalization of the binomial distribution, which is used to model the number of successes in a sequence of independent experiments. The beta distribution is also used in Bayesian statistics to model the prior distribution of a parameter.
The beta distribution is characterized by two parameters: the shape parameters (\alpha_1) and (\alpha_2) that determine the shape of the distribution. The shape parameter (\alpha_1) controls the relative spread of the distribution, and the shape parameter (\alpha_2) controls the relative spread of the distribution