Statistical modeling of wastage using the beta distribution

This work attempts to fit a set of observed industrial wastage to the beta distribution using the Chi-square goodness of fit test and it was found to fit the beta distribution at 1% significance level. The mean and the variance of the wastage proportion were found to be 0.429 and 0.0395, respectively. The parameters of the beta distribution were α = 2.25 and β = 2.97. The skewness of the beta distribution is 0.286 confirming the claim that the distribution is skewed to the right whenever β > α and the distribution is a unimodal distribution since α and β is greater than 1.