The generalized two-sided power distribution

Jose Herrerías-Velasco (), Rafael Herrerias-Pleguezuelo and Johan Rene van Dorp

Journal of Applied Statistics, 2009, vol. 36, issue 5, 573-587

Abstract: The generalized standard two-sided power (GTSP) distribution was mentioned only in passing by Kotz and van Dorp Beyond Beta, Other Continuous Families of Distributions with Bounded Support and Applications, World Scientific Press, Singapore, 2004. In this paper, we shall further investigate this three-parameter distribution by presenting some novel properties and use its more general form to contrast the chronology of developments of various authors on the two-parameter TSP distribution since its initial introduction. GTSP distributions allow for J-shaped forms of its pdf, whereas TSP distributions are limited to U-shaped and unimodal forms. Hence, GTSP distributions possess the same three distributional shapes as the classical beta distributions. A novel method and algorithm for the indirect elicitation of the two-power parameters of the GTSP distribution is developed. We present a Project Evaluation Review Technique example that utilizes this algorithm and demonstrates the benefit of separate powers for the two branches of activity GTSP distributions for project completion time uncertainty estimation.

Keywords: Parameter elicitation; moment ratio diagram; PERT technique (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (2)

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DOI: 10.1080/02664760802582850

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