Parameter Estimation

Parameter Estimation
Parameter estimation refers to the process of using sample data (in our case times-to-failure or suceess data) to estimate the parameters of the selected distribution. Several parameter estimation methods are available. This section presents an overview of the available methods used in life data analysis. More specidically we start with the relatively simple method of Probability Plotting and continues with the more sophisticated methods of Rank Regression ( or Least Squares) and Maximum Likelihood.

ReliaSoft's Alternate Ranking Method (RRM)
When analyzing interval data, it is commonplace to assume that the actual failure time occurred at the midpoint of the interval. To be more conservative, you can use the starting point of the interval or you can use the end point of the interval to be most optimistic. Weibull++ allows you to employ ReliaSoft's ranking method (RRM) when analyzing interval data. Using an iterative process, this ranking method is an improvement over the standard ranking method (SRM). For more details on this method see ReliaSoft's Alternate Ranking Method