A good way to fit the distribution to historical patterns when historical data is available is to
A) use the Fit icon in the Tools group of the Analytic Solver Platform
B) guess the distribution parameters
C) assume that the data distribution is Normal
D) assume that the data distribution is Weibull

Question

Quizplus · Accepted Answer

The most efficient and accurate way to fit a distribution to historical patterns when historical data is available is to use the Fit icon in the Tools group of the Analytic Solver Platform. This feature automatically selects the best-fitting distribution for the given data, based on the goodness of fit. This method saves time and ensures that the chosen distribution accurately reflects the data patterns. Guessing the distribution parameters is not practical or reliable, and assuming data distribution is Normal or Weibull is usually inappropriate, as most real-world data do not follow such idealized distributions.

A Good Way to Fit the Distribution to Historical Patterns