At the present we are able to fit continuous data with several different models. One way to check the adequacy of the fit is with a probability plot. Consider that following small data set consisting of five observations.
1.1 2.2 1.6 1.3 3
(a) Construct a probability plot for each possible model.
(b) Based on the plots in part (a), which model would you prefer? Explain.
(c) Fit the model you preferred (e.g., if you picked the exponential, exactly which exponential distribution would you use to describe the data?)
(d) Using the model in part (c), estimate the probability of obtaining a value from this population that is less than l.