On Weibull-Pareto Distribution in Censored and Uncensored Data Structures

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Ekoist journal of econometrics and statistics (Online), vol.0, no.33, pp.1-11, 2020 (Peer-Reviewed Journal) identifier


The Weibull distribution gives a flexible measurement that detailsthe probability distribution associated with the lifetimecharacteristics of a particular part orservice component. Itis commonly used to assess productreliability, analyze life data,and model failure times. It is a versatile distribution that can take on the characteristics of other types of distributions,based on the value of the shape parameter. Weibull-Pareto distribution has been introduced as a new type of applicationof the Weibull distribution. In this article, point and interval estimations for Weibull-Pareto distribution with censoredand uncensored data are investigated. With real-time data applications, it is shown that Weibull-Pareto results are betteragainst Exponential, Gamma, and Weibull distributions’ results.