Distributions to include:
1. PERT (Program Evaluation and Review Technique) Distribution
- Useful when you have estimates for minimum, most likely, and maximum
values, with a tendency to weight the most likely value more heavily.
2. Triangular Distribution
- Ideal when you have estimates for minimum, most likely, and maximum values,
but less certainty about the weight of the most likely value compared to
PERT.
3. Normal (Gaussian) Distribution
- Appropriate for natural phenomena and when you expect values to be
symmetrically distributed around a mean.
4. Log-Normal Distribution
- Suitable for modeling quantities that are always positive and have a skewed
distribution, such as project durations or costs.
5. Uniform Distribution
- Used when all values between a minimum and maximum are equally likely,
often in the absence of more specific information.
6. Beta Distribution
- Flexible for modeling various shapes of uncertainty, especially useful when
historical data is available to fit the distribution.
7. Gamma Distribution
- Often used for modeling waiting times or project durations, especially when
the distribution is skewed to the right.
8. Weibull Distribution
- Commonly used in reliability analysis and for modeling time-to-failure in
projects or systems.
9. Exponential Distribution
- Useful for modeling the time between independent events, such as time
between failures in a system.
10. Discrete Uniform Distribution
- Applicable when dealing with a finite number of equally likely outcomes,
such as selecting from a set of discrete options.