TITLE:
Exploring a New Lifetime Distribution for Modelling the Waiting Time of Bank Customers
AUTHORS:
Simon A. Ogumeyo, Jacob C. Ehiwario, Festus C. Opone
KEYWORDS:
KM-Transformation, Power Lindley Distribution, Data Fitting, Moments, Quantiles
JOURNAL NAME:
Journal of Applied Mathematics and Physics,
Vol.12 No.1,
January
30,
2024
ABSTRACT: The fitting of lifetime distribution in real-life data has been studied in various fields of research. With the theory of evolution still applicable, more complex data from real-world scenarios will continue to emerge. Despite this, many researchers have made commendable efforts to develop new lifetime distributions that can fit this complex data. In this paper, we utilized the KM-transformation technique to increase the flexibility of the power Lindley distribution, resulting in the Kavya-Manoharan Power Lindley (KMPL) distribution. We study the mathematical treatments of the KMPL distribution in detail and adapt the widely used method of maximum likelihood to estimate the unknown parameters of the KMPL distribution. We carry out a Monte Carlo simulation study to investigate the performance of the Maximum Likelihood Estimates (MLEs) of the parameters of the KMPL distribution. To demonstrate the effectiveness of the KMPL distribution for data fitting, we use a real dataset comprising the waiting time of 100 bank customers. We compare the KMPL distribution with other models that are extensions of the power Lindley distribution. Based on some statistical model selection criteria, the summary results of the analysis were in favor of the KMPL distribution. We further investigate the density fit and probability-probability (p-p) plots to validate the superiority of the KMPL distribution over the competing distributions for fitting the waiting time dataset.