Cubic Rank Transmuted Modified Burr III Distribution: Development, Properties, Characterizations and Applications

We propose a lifetime distribution with flexible hazard rate called cubic rank transmuted modified Burr III (CRTMBIII) distribution. We develop the proposed distribution on the basis of the cubic ranking transmutation map. The density function of CRTMBIII is symmetrical, right-skewed, left-skewed, exponential, arc, J and bimodal shaped. The flexible hazard rate of the proposed model can accommodate almost all types of shapes such as unimodal, bimodal, arc, increasing, decreasing, decreasing-increasing-decreasing, inverted bathtub and modified bathtub. To show the importance of proposed model, we present mathematical properties such as moments, incomplete moments, inequality measures, residual life function and stress strength reliability measure. We characterize the CRTMBIII distribution via techniques. We address the maximum likelihood method for the model parameters. We evaluate the performance of the maximum likelihood estimates (MLEs) via simulation study. We establish empirically that the proposed model is suitable for strengths of glass fibers. We apply goodness of fit statistics and the graphical tools to examine the potentiality and utility of the CRTMBIII distribution.