mytest > help > Part 2. MM4XL Tools > 1. Strategic Tools > Risk Analyst > 4. Functions > 3. Distribution Functions > mmBETA(Scale, Shape)

### mmBETA(Scale, Shape)

=mmBETA(2, 4) can equal 0.304847002

#### Application

This function is used to determine the probability of an event, given a number of trials and successful events. This distribution is mainly used for inference purposes, that is, when the data from a sample is used to project the data for the whole population. It is often used in the absence of data. See also mmBETAGEN.

#### How to use

It returns the probability of an event occurring. This helps, for instance, when we need to estimate the probability that the next client will buy. For instance, if for every 100 calls 15 would buy, we could use the formula below to estimate the probability of the next purchase occurring:
=mmBETA(15, 86)

The formula accounts also for the rare event of zero purchases out of 100 calls. Copy the formula above in 100 cells. You will find that the minimum and maximum value will score around 10%-30%. If we were modeling the outcome of a direct marketing campaign, we could use the mmBETA function times the number of calls to determine the number of incoming clients by time unit, for instance one day.

#### Technical profile

 Type Continuous distribution. Syntax =mmBETA(Scale, Shape) Domain Mode if then = If Scale = 1 and Shape = 1 then the mode is Not defined Parameters Scale = v > 0 Shape = w > 0 Remarks If any argument is nonnumeric mmBETA returns the #VALUE! error value. If or mmBETA returns the #NUM! error value. Relationships It is related to the Binomial, Gamma and to the Normal variates. Graphs mmBETA(2, 4) mmBETA(4, 2)  Price: 238.00
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