Computation approaches for parameter estimation of Weibull distribution (Q1649186)

Summary: This paper examines the estimation comparison of two methods for Weibull parameters, one is the maximum likelihood method and the other is the least squares method. A numerical simulation study is carried out to understand performance of the two methods. Based on sample root mean square errors, we make a comparison between the two computation approaches. We find that the least squares method significantly outperforms the maximum likelihood when the sample size is small.