A new univariate continuous distribution with applications in reliability

• DOI: 10.1063/5.0179914
• Publication Date: 2023-11-27T05:36:42Z
• Authors: Waleed Marzouk; Shakaiba Shafiq; Sidra Naz; Farrukh Jamal; Laxmi Prasad Sapkota; M. Nagy; A. H. Mansi; Eslam Hussam; Ahmed M. Gemeay
• Keywords: Quantile; Univariate; Model risk; Quantile function; Gompertz function

In this article, the odd Lomax Gompertz distribution has been introduced, which is derived by modifying to serve as a baseline model in generalized distribution. The newly proposed offers enhanced flexibility and provides promising alternative for modeling lifetime data. This study seeks establish solid theoretical foundation its application through exploration of several properties, such non-central moments, stochastic orderings quantile function, entropy measure, new model. Additionally, conducting simulation analysis, performance various estimation methods being assessed, enables identification most reliable approach estimating unknown parameters developed analysis two-risk metrics, namely, value at risk expected shortfall, revealed ability capture diverse failure rate patterns, makes it particularly relevant assessing financial risks. Finally, suggested practiced two real-life datasets provide compelling evidence superior practical versatility compared existing models literature.