Steven Sanderson tests a distribution fit:
There are two main ways to fit a gamma distribution to a dataset in R:
- Maximum likelihood estimation (MLE): This method estimates the parameters of the gamma distribution that are most likely to have produced the observed data.
- Method of moments: This method estimates the parameters of the gamma distribution by equating the sample mean and variance to the theoretical mean and variance of the gamma distribution.
Click through to see which technique Steven uses and an example of how it all works.