Transmuted New Weibull-Pareto Distribution and its Applications

In this article, a generalization of the new Weibull-Pareto (NWP) distribution is derived. The quadratic equation (QRTM rank transmutation map) studied by Shaw and Buckley (2007), has been used to develop the generalization. The proposed distribution includes as special cases with the new Weibull-Pareto distribution (NWP), transmuted Weibull distribution (TW), transmuted Rayleigh (TR) distribution and transmuted exponential (TE) distribution. Various structural properties of the new distribution, including of moments, quantiles, moment generating function, mean deviations, reliability analysis, order statistics and Renyi entropy are derived. The maximum likelihood estimation method has been proposed for the estimation of the parameters of the TNWP distribution. The usefulness of the derived model is illustrated using two data sets and it is proved that TNWP distribution is a better distribution than other distributions based on some goodness of fit measures. Therefore, we conclude that the new model attracts applications in several areas such as engineering, survival data, economics and others.