Statistical dependence through common risk factors: With applications in uncertainty analysis

Conclusions  A model for building statistical dependence between marginal distribution with bounded support is discussed. The model is geared towards elicitation of dependence parameters through expert judgment. The resulting joint distribution may be useful in uncertainty analyses where dependence between random variables with a bounded support is present due to common risk factors, such as e.g. in the classical Project Evaluation and Review Technique (PERT).