The Student’s t distribution is used under these conditions:
Approximates the Normal distribution when degrees of freedom are equal to or greater than 30.
Note: The Midpoint parameter is the central location of the distribution (also mode), the x-axis value where you want to place the peak of the distribution. The Degrees of Freedom parameter controls the shape of the distribution. Smaller values result in thicker tails and less mass in the center. The Scale parameter affects the width of the distribution by increasing the variance without affecting the overall shape and proportions of the curve. Scale can be used to widen the curve for easier reading and interpretation. For example, if the midpoint were a large number, say 5000, the scale could be proportionately larger than if the midpoint were 500. |