Getting started with the Probability Calculator

This modeling tool can be used to model a probability distribution for a Node in Decision Tree, or Decision Matrix or even for a Markov Decision Process. It is a very intuitive and straightforward modeling tool. It starts with a gallery of commonly used probability distributions.

Dashboard

Setup parameters, Truncate as needed

From the gallery, select the distribution type and set up the necessary parameters. You can truncate a distribution which has infinite value for the Maximum and Minimum end, (i.e. Normal Distribution)

Truncated_ Distribution

View various perspectives of the distribution

By default, the Probability Density Function (for continuous type) or Probability Mass Function (for discrete type) view is displayed. But, if you want to see Cumulative Distribution function, Survival function or even hazard rate, you can view them by selecting the corresponding buttons as shown below:

CDF

Calculator

Finally, once you are done modeling your probability distribution, using the calculator sliders, you can calculate the probability of a range of values or a specific random variable value. The range of value makes sense for a continuous distribution.

Beta_ PERT_ Distribution

Last updated on 31 July 2018, Tuesday, 6:51:48 AM
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