Distribution fitting is successfully used to solve typical problems arising in many industries such as actuarial science and insurance, risk analysis, investment, market research, business and economic research, customer support, mining, reliability engineering, chemical engineering, hydrology, and other fields.
All the examples given below are based on real world data, and show how business analysts, researchers and engineers can apply probability distributions to address their specific data analysis needs.
One of the most important uses of probability distributions is
in reliability engineering where they are applied to model reliability
of mechanical systems. In this example, we show how EasyFit can be used
to develop survival models based on lifetime data available, and apply
these models to estimate the failure rate of technical devices.
The flood frequency analysis is the basis for hydrologic and hydraulic
design of hydraulic structures. In this example, we carry out the
probabilistic modelling of flood flow records of the Feather
River at Oroville, CA.
In this example, we consider a chemical process producing batches of a
desired material. We develop a probabilistic model for percentage yield
using the distribution fitting features of EasyFit, and employ the
developed model to obtain the needed inference.