This tutorial introduces the use of metalog distributions in conjunction with the SIPmathTM Modeler Tools, a simulation environment provided by Probability Management as a free Excel Add-in (click here to download). The benefits of using metalogs in SIPmath are that they A) have sufficient shape flexibility to represent most practical situations, B) are directly parameterized by quantile data, C) have closed form equations that are differentiable (providing smooth, closed form density functions), D) offer a choice of unbounded, semi-bounded or bounded distributions, and E) are easy to simulate. For the less general SPT metalogs (3 terms with symmetric probabilities), which are also avaiable within SIPmath, go to the SPT metalog tutorial.
(to be continued)
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