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RiskyProject

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Project Risk Management and Decision Analysis 

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Distribution Fitting using Stat::Fit

 

If you have empirical data for Cost, Income, and Duration, you may use Stat::Fit software to generate most appropriate statistical distribution. You cannot use Stat::Fit for start time. Stat::Fit is the third party software by Geer Mountain Software (www.geerms.com) and can be purchased separately.

Fitting a distribution
1. Click on the Fit Distribution button. The Stat::Fit software opens.
2. Enter data to the Data Table. Make sure that you are entering data in the current units for RiskyProject e.g. days
3. Click on the Auto::Fit toolbar button
4. Select a recommended distribution from the list of possible distributions. Make sure that RiskyProject supports distribution you selected. RiskyProject can use only Uniform, Normal, Lognormal, Beta, Gamma, Triangular, and Exponential distributions from Stat::Fit.
5. When you are satisfied with selected distribution, click the Export button. From the list of applications, select RiskyProject. Output should be set to Clipboard (default selection).
6. Click OK.
7. Save empirical data in Stat::Fit if you which and close Stat::Fit. RiskyProject will generate distribution and assign low and high estimates for cost, income, and duration based on empirical data.

 

See also

Distributions for 3-point estimates

Adding 3-point estimates

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