LogNormal Distribution
The LogNormal distribution is another common probability distribution often used to model a broad range of random variables. It is most effective at modelling variables with normally distributed logarithms.
The LogNormal distribution has two parameters:
Parameter 1 is the expected value or mean.
Parameter 2 is the standard deviation of the natural log.
Parameters 3 & 4 are not used.
The example below shows how the probability density function for 3 LogNormal distributions changes as the standard deviation of the natural log changes. Each distribution has a parameter 1 value of 1.0 and a range of parameter 2 values from 0.25 to 1.0.
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