Unit Exponential Probability Distribution: Characterization and Applications in Environmental and Engineering Data Modeling
Hassan S. Bakouch, Tassaddaq Hussain, Marina Tošić, Vladica S. Stojanović, Najla Qarmalah
Source abstract
Distributions with bounded support show considerable sparsity over those with unbounded support, despite the fact that there are a number of real-world contexts where observations take values from a bounded range (proportions, percentages, and fractions are typical examples). For proportion modeling, a flexible family of two-parameter distribution functions associated with the exponential distribution is proposed here. The mathematical and statistical properties of the novel distribution are examined, including the quantiles, mode, moments, hazard rate function, and its characterization. The parameter estimation procedure using the maximum likelihood method is carried out, and applications to environmental and engineering data are also considered. To this end, various statistical tests are used, along with some other information criterion indicators to determine how well the model fits the data. The proposed model is found to be the most efficient plan in most cases for the datasets considered.
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