Estimating Means, Variances, and Correlations Based on Experts’ Judgment

  • Ivan Damnjanovic
  • Kenneth Reinschmidt
Part of the Risk, Systems and Decisions book series (RSD)


In this chapter we introduce the methods to estimate statistical moments and correlation coefficient based on expert judgements. We provide an overview of probability density functions that are suitable for integration with subjective data, and the elicitation procedures for estimating correlation coefficients.


Expert judgements Statistical moments Correlation Probability distribution 


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Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  • Ivan Damnjanovic
    • 1
  • Kenneth Reinschmidt
    • 2
  1. 1.Texas A&M UniversityCollege StationUSA
  2. 2.College StationUSA

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