Pranav Quasi Gamma Distribution: Properties and Applications

Abstract

We have developed Pranav Quasi Gamma Distribution (PQGD) as a mixture of Pranav distribution (θ) and Quasi Gamma distribution (2,θ). We obtained various necessary statistical characteristics of PQGD. The flexibility of proposed model is clear from graph of hazard function. The reliability measures of proposed model are also obtained. Sample estimates of unknown parameters are obtained by making use of maximum likelihood estimation method. We have also carried out the simulation study for comparing our model with its related models. We then tested the significance of mixing parameter. Finally, applications to real-life data sets is presented to examine the significance of newly introduced model.

Keywords

• Quasi gamma distribution
• Pranav distribution
• Mixture models
• Simulation study
• Mixing parameter
• Structural properties and maximum likelihood estimation