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1. Exploratory Data Analysis
1.3. EDA Techniques
1.3.6. Probability Distributions

Estimating the Parameters of a Distribution

Model a univariate data set with a probability distribution One common application of probability distributions is modeling univariate data with a specific probability distribution. This involves the following two steps:
  1. Determination of the "best-fitting" distribution.
  2. Estimation of the parameters (shape, location, and scale parameters) for that distribution.
Various Methods There are various methods, both numerical and graphical, for estimating the parameters of a probability distribution.
  1. Method of moments
  2. Maximum likelihood
  3. Least squares
  4. PPCC and probability plots
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