Transmuted Pareto Exponential Distribution and Its Applications
Md. Shohel Rana *
Department of Statistics and Data Science, Islamic University, Kushtia-7003, Bangladesh.
Md. Mahedi Hassan Lemon
Department of Statistics and Data Science, Islamic University, Kushtia-7003, Bangladesh.
Munjurul Alam Piash
Department of Statistics and Data Science, Islamic University, Kushtia-7003, Bangladesh.
*Author to whom correspondence should be addressed.
Abstract
In this paper, a new Transmuted Pareto Exponential (TPE “in short”) distribution is illustrated in detail. Parameters are estimated by using MLE methods and a simulation study is conducted for justification of validation of the estimation process. The real life applications of the proposed model is illustrated using two practical life data sets. The empirical implementation shows that the proposed model is the best fitted model than other models used in this study.
Keywords: Quadratic Rank Transmutation Map (QRTM), transmutated pareto exponential distribution, reliability function, order statistics, Maximum Likelihood Estimation (MLE)