Development of New Generalized Odd Fréchet-Exponentiated-G Family of Distribution

Abstract

The study examines the limitations of existing parametric distributional models in accommodating various real-world datasets and proposes an extension termed the New Generalized Odd Fréchet-Exponentiated-G (NGOF-Et-G) family. Building upon prior work, this new distribution model aims to enhance flexibility across datasets by employing the direct substitution method. Mathematical properties including moments, entropy, moment generating function (mgf), and order statistics of the NGOF-Et-G family are analyzed, while parameters are estimated using the maximum likelihood technique. Furthermore, the study introduces the NGOF-Et-Rayleigh and NGOF-Et-Weibull models, evaluating their performance using lifetime datasets. A Monte Carlo simulation is employed to assess the consistency and accuracy of parameter estimation methods, comparing maximum likelihood estimation (MLE) and maximum product spacing (MPS). Results indicate the superiority of MLE in estimating parameters for the introduced distribution, alongside the enhanced flexibility of the new models in fitting positive data compared to existing distributions. In conclusion, the research establishes the potential of the proposed NGOF-Et-G family and its variants as promising alternatives in modelling positive data, offering greater flexibility and improved parameter estimation accuracy, as evidenced by Monte Carlo simulations and real-world dataset applications.

Topics & Concepts