The parameter estimates define the best-fitting parameter estimates for the distribution that you select. All other parametric distribution analysis graphs and statistics are based on the distribution. Therefore, to obtain accurate estimates, the distribution that you select for the analysis must adequately fit the data.
For the compressor data, the engineer selected a Weibull distribution to model the data. The shape and scale parameters that define the best fitting Weibull distribution using the maximum likelihood method are shape = 1.26494 and scale = 398.062. Minitab uses this distribution to predict future failures.