Knowledge Content Library
The Metalog Distributions: Flexible, Easy-to-Use, Probability Distributions for Use in Decision Analysis, Modelling, Simulation, and Learning from Empirical Data
Speaker: Tom Keelin, SmartOrg
Presented at the 2019 DAAG Conference in Denver.
Abstract: This session is a hands-on, practical introduction to a new tool, where you will learn from its inventor. And it’s free. With the metalog distributions, traditional probability distributions are rarely if ever needed. Unlike traditional distributions, the metalogs were specifically designed to meet the needs of today’s world: highly flexible ("any shape”), data-parameterized (eliminates need for curve-fitting), choice of bounds (unbounded, semi-bounded, bounded), simple closed-form CDF and PDF equations (cross-platform compatible, no intractable integrals or obscure statistical functions), and simple closed-form inverse-cumulative F-1 (to facilitate simulation). To learn-on-the-fly, bring your internet-connected laptop with Excel, and you’ll gain a new tool to enhance your capabilities for a lifetime.
Keywords: analysis and modeling anamod, probability assessment probass,