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π-Power Exponential Odd G-family: A New Family of Probability Distributions |
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PP: 55-71 |
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Author(s) |
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Laxmi Prasad Sapkota,
Pankaj Kumar,
Vijay Kumar,
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Abstract |
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| A new continuous family of distributions is introduced, and this study focuses on one specific member within this family, which showcases a hazard function exhibiting distinct J, reverse-J, bathtub, or monotonically increasing shapes. The article explores the essential characteristics of this distribution and employs the maximum likelihood estimation (MLE) method to estimate its associated parameters. To evaluate the accuracy of the estimation procedure, a simulation experiment is conducted, revealing a decrease in biases and mean square errors as sample sizes increase, even when working with small samples. Furthermore, the practical application of the proposed distribution is demonstrated by analyzing COVID-19 and engineering datasets. In this study, we employ MLEs to predict the death rate during the initial phase of the COVID-19 outbreak in China in 2020. By employing model selection criteria and conducting goodness-of-fit test statistics, the article establishes that the proposed model surpasses existing models in performance. The application of this research work can be significant in various fields where modeling and analyzing hazard functions or survival data are essential, while also making contributions to probability theory and statistical inferences.
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