New Extended Burr-III Distribution: Its Properties and Applications
In this article, we consider a three parameter extended Burr-III distribution and study some distributional, reliability properties and parameter estimation. Performance of estimation technique used for model parameters estimation is numerically investigated employing Monte Carlo simulation with different sample sizes and parameter values. Efficacy of this distribution in modeling from two real life data is evaluated in comparison to some existing extensions of Burr-III distribution employing well known goodness of fit tests and model selection criteria. Our findings show the proposed distribution as the best among the all the other extensions of Burr-III distribution considered in this study.