The odd modified Burr-III exponential distribution: properties, estimation and application

Modelling waiting times have always been the earnest need of experts. In this paper, we proposed a new lifetime model entitled Odd Modified Burr-III Exponential Distribution which has four parameters. The proposed model has the heterogeneity in shapes of the density and hazard curves. The density curves of the model are unimodal and reversed J-shaped. The study of the various statistical properties such as moments (raw moments, mean moments, negative moments, incomplete moments, and conditional moments), mode, harmonic mean, geometric mean, hazard, survival, quantile and characteristics function, coefficient of skewness, and kurtosis of the proposed model are presented. In the reliability study, we derive the expressions of mean residual life, mean waiting time, and entropies (Renyi and Shannon). Furthermore, order statistics and L- moments are also presented in this study. The maximum likelihood technique is used to estimate the parameters of the model. Monte Carlo simulation is used to evaluate the performance of the maximum likelihood estimates in terms of absolute average biases and mean square errors. The impact of sample size on parametric properties is also studied. The importance of the proposed model has been illustrated through real-life application from the field of engineering and manufacturing material.