A New Probability Distribution: Theory, Simulation and Real Application

Developing and implementing innovative statistical distributions is an exciting field of study where different statistical models are established and proposed for data modeling in various sectors. The prime goal of this paper is to propose a novel probability distribution for analyzing real datasets. The new distribution is named the truncated Rayleigh odd Weibull Lomax (TROWL) distribution. Several statistical properties along with the entropy and reliability measures are derived. The maximum likelihood estimators of the unknown parameters are obtained. A simulation study is also provided. To illustrate the usefulness of TROWL distribution, a practical application is presented, where the comparison of the TROWL distribution is made with common competing probability models. Based on four information criterion quantities, it is observed that the new distribution is the best competing model for analyzing the considered real data.