Parametric Distribution Fitting

Parametric Distribution Fitting
Description	Parametric distribution fitting is the process used to select a statistical distribution that best fits a data set.
Why to use	Statistical Analysis
When to use	To decide the distribution best suited for data description.	When not to use		When the distribution of data is known.
Prerequisites
Input	A dataset containing continuous data.	Output	Best fit distributions sorted by the Goodness of Fit tests.
Statistical Methods used	—	Limitations	It can be used only on continuous data. It doesn’t work on categorical/textual data.

In Distribution fitting, first, the data is matched against probability distributions using parametric distribution-fitting. For each distribution, this fitting establishes a set of parameters that best describe the data characteristics. Next, one of the several Goodness-of-Fit tests is employed to determine the closeness of each fit. Finally, out of the results obtained, the highest-ranked fit is selected to represent the data.