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Journal of Statistics and Management Systems

(Since 1998)
Open Access ·Peer-reviewed·ISSN (Online): 2169-0014·ISSN (Print): 0972-0510
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The Journal of Statistics and Management Systems (JSMS) is a world leading journal publishing high quality, rigorously peer-reviewed original research on theoretical and applied statistics and management systems since 1998. The scope is intentionally broad, but papers must make a novel contribution to the field to be considered for publication. Topics include, but are not limited to, the following: • Statistics • Applied Statistics • Industrial Statistics • Statistical Inference • Interdisciplinary role of Statistics • Actuarial Sciences • Decision Sciences • Managerial Aspects • Management Sciences • Management Information Systems

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Journal of Statistics and Management Systems
Open Access Research Article

New family of distributions based on the unit modified Burr III distribution

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pp. 1199–1220Vol. 27Issue 6September 2024DOI: 10.47974/JSMS-1239XML
Received:
14 Jun 2023
Published Online:
19 Sep 2024
Article type:
Research Article
Language:
EN
Article no.:
JSMS-1239
Pages:
1199–1220

Abstract

In recent times, there has been significant attention to the improvements to classical probability distributions in the literature. Because of this attention, many probability generators or family distribution functions have emerged. These generators can control the skewness, kurtosis, and tail weight of datasets effectively. The unit modified Burr III family of distributions—an entirely new family of distributions—has been developed. The mathematical and statistical characteristics of this new family have been derived. Two special distributions, the unit modified Burr III Weibull (UMBIIIW) and unit modified Burr III Chen (UMBIIIC) distributions, have been developed from this family. These distributions’ parameters have been estimated using the maximum likelihood estimation (MLE) technique. A simulation method based on Monte-Carlo was employed to investigate the behavior of these estimators. Next, a real-life dataset was used to demonstrate the UMBIIIC distribution’s applicability. Finally, an entirely new regression equation, called the log unit modified Burr III Weibull (LUMBIIIW) regression equation, was proposed, and real-life data were used to demonstrate how applicable it is. With the data used in the application illustration, the new regression equation offers the best fit among its competitive models.

Keywords

Unit modified Burr IIILocation-scaleMean residual lifeSkewnessKurtosis

Subject Classifications

(2010) 60E0562F1062E15

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