Exponentiated Power Inverse Lomax Distribution with Applications

Abstract

The manuscript presents a novel distribution derived from the exponentiation technique called the Exponentiated Power Inverse Lomax Distribution (EPILD), which offers a generalized approach to the inverse Lomax distribution. To show the importance of the EPILD, we establish various mathematical properties including survival function, hazard rate, order statistics, entropy measures, r-th moment, and generating functions. To obtain the parameter estimates for the proposed model, we employed the maximum likelihood estimation(MLE) approach. The adaptability of the new model is evaluated by comparing it with well-known distributions using real-life data sets. In addition to real-life data sets, the flexibility of the model is also shown via a simulation study. We apply goodness of fit statistics, various model selection criteria, and graphical tools to examine the adequacy of the EPILD.