The THREE VITAL STEPS TO VALIDATING A PROBABILITY DISTRIBUTION MODEL

Abstract

This study presents a process of three important steps leading to the validation of a probability distribution model. It has been discussed how a family of probability distribution models may be selected to stand as candidate models to fit a given set of quantitative data, and then it discusses the methods of classifying these candidate models. The last part talks about hypothesis testing, which is the final step in the process of probability model validation as discussed.