Estimation of the three parameter Weibull probability distribution

The aim of the present paper is to propose an algorithm to easily obtain good estimates of the three parameter Weibull distribution. Our proposed procedure is given in eight steps and it depends on the Simple Iteration Procedure, which always converges, converges fast and does not depend on any conditions, whatsoever, that has been developed by the authors for the two parameter Weibull model. Numerical examples will be given to illustrate the effectiveness of our proposed statistical procedure. Finally, we address the issue of what we lose in characterizing the probabilistic behavior of a certain phenomenon with a two parameter Weibull model when in fact the true characterization calls for a three parameter Weibull model. We use the concept of percentiles, cumulative distribution function and graphical presentations to answer the above questions.