Why choose a Weilbull distribution for cost function? Isn't Weibull distribution mostly applied to describe a product's life cycle with differing failure rates?
I have the same question, so I hope the professor could give more detailed explanation about why he chose this distribution for the cost in his model !
Why choose a Weilbull distribution for cost function? Isn't Weibull distribution mostly applied to describe a product's life cycle with differing failure rates?