A beta distribution is a type of probability distribution defined on the interval from 0 to 1. It is commonly used in statistics to model random variables that represent proportions or probabilities. The shape of the beta distribution can vary significantly depending on its two parameters, often denoted as α (alpha) and β (beta), which control the distribution's skewness and peakedness. This distribution is particularly useful in fields like Bayesian statistics and project management, where it can represent uncertainty in outcomes. For example, it can model the likelihood of success in a series of trials or the distribution of probabilities in A/B testing.