On Burr III-Pareto Distribution: Development, Properties, Characterizations and Applications

In this paper, a new four parameter lifetime model with increasing, decreasing, increasing-decreasing, decreasing-increasing-decreasing, modified bathtub, bathtub and inverted bathtub hazard rate function called Burr III-Pareto (BIII-Pareto) is developed on the basis of the T-X family technique. The BIII-Pareto density function is arc, J-shape, reverse J-shape, positively, negatively skewed and symmetrical. Some structural and mathematical properties including moments, moments of order statistics, inequality measures and reliability measures are theoretically established. The BIII-Pareto distribution is characterized via different techniques. Parameters of the BIII-Pareto distribution are estimated using maximum likelihood method. The simulation study for performance of the maximum likelihood estimates (MLEs) of parameters for the BIII-Pareto distribution is carried out. The potentiality of the BIII-Pareto distribution is demonstrated by its application to real data sets. Goodness of fit of this distribution through different methods is studied. The BIII-Pareto distribution is empirically better for lifetime applications