Question: Typically, the more information we have, the better estimates we can make. However, we mentioned that when using the alternative-parameter method, if we have more
Typically, the more information we have, the better estimates we can make. However, we mentioned that when using the alternative-parameter method, if we have more assessments than parameters then there may be no single distribution of that type which exactly matches all the assessments. Discuss how having more information (assessments) can lead to ambiguity in the distribution choice instead of identifying a unique distribution. In this case, is having more information bad?
Step by Step Solution
There are 3 Steps involved in it
Having more information rather thanless is always better Here we are assuming that the quality of th... View full answer
Get step-by-step solutions from verified subject matter experts
