Hi Dale (my apologies for mixing up your name),
By "trueness" I mean the amount of uncertainty associated with a small number of tests. If I were to perform 3 tests but the values would all be very close to each other I'd have a small standard deviation but I would expect that there is more...
Hi Dave,
It was indeed the case that I needed to use ##1/\beta##! Thanks for the clear explanation! However, I have some questions with respect to Bayes and the "trueness" of this PDF. Is this accounted for in the Gamma distribution? Or does the value, that I get from the Gamma distribution...
Hi Dave,
I'm trying to implement this into an Excel file, so that I can update it while testing. However, I seem to get extremely low values for the Gamma distribution. I'm also not able to totally wrap my head around the prior/posterior story so that might be what I've done wrong. Is there any...
Hi Dave,
Thanks for responding so quickly! Could you please elaborate a bit more, maybe using an example? I'm not familiar with Bayesian methods and I'd hate to misinterpret your answer..
Thanks either way!
Hi,
I'm currently working on a project for which I have to determine the Life-Time of a certain mechanical component within a certain confidence interval. By sampling a small number (let's say n = 10) of these components and measuring the number of hours until failure, I want to determine this...