Beta Distribution is an important distribution among the continuous family of probability distribution.
It is used to model variables which take values within a certain range having an upper and a lower bound. It is characterized by two shape parameters a and ß.
For example, if we take a set of articles with a certain proportion of defective in it.
Now we are interested to calculate the probability that a certain percentage of the lot are found to be defective. In this type of problems we will use Beta Distribution to calculate the desired probabilities.
