Study On Transmuted Power Lomax Distribution

Adding parameters to an existing and well established distribution helps in obtaining new compound distributions with more flexibility.In this study, a new distribution called theTransmuted Power-Lomax Distribution(TPLD) as an extension of the popular Lomax distribution in its power transformation-form using the Quadratic rank transmutation map is proposed.Using the transmutation map, we defined the Probability Density Function (PDF) and Cumulative Distribution Function (CDF) of the Transmuted Power Lomax Distribution. Some properties of the new distribution such as moments, moment generating function,characteristic function,quantile function, survival function, hazard function and order statistics were also studied. The distribution‘s parameters werealsoestimatedusing the maximum likelihoodmethod of estimation. The performance of the proposed probability distribution was checked in comparison with some other generalizations of Lomax distribution using two real life dataset. The results obtainedindicated that TPLDperformsbetterthan the other distributions comprisingPower Lomax, and the Lomax distribution. The TPLD is recommended for modeling positively skewed dataset with higher peaks and tails. It is also recommended for analyzing age dependent variables.

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