On the applications of novel weighted exponentiated lomax model to fitting lifetime datasets

Abstract

The Lomax distribution is widely recognized in distributional theory and thoroughly applied in many study fields, particularly in engineering and lifetime studies. Considering the importance of fitting the lifetime datasets, this article deals a weighted exponentiated Lomax model using a novel modification on Lomax distribution. The proposed modification is powerful tool in modeling numerous types of data sets notably skewed, complex, asymmetric and symmetric. Various distributional characterizations are provided. Additionally, the estimation of the model parameter is obtained via two numerous estimation techniques. Monte Carlo simulation based research is conducted to demonstrate the potential of proposed estimator’s using some measures, including the average estimate, average bias, and associated mean square error. Two real datasets drawn from lifetime area are illustrated to show the applicability of the suggested distribution. The results underscore the superior performance of the proposed model compared to its competitors, showcasing its effectiveness in accurately representing the analyzed datasets.

Keywords

• Asymmetric
• Distributional properties
• Lifetime area
• Lomax distribution
• Monte Carlo simulation
• Symmetric