A NEW TRANSMUTED PROBABILITY MODEL: PROPERTIES AND APPLICATIONS

In this article, we introduced a new three parameter continuous probability model by extending a two parameter log-logistic distribution using the quadratic rank transmutation map technique. We provide a comprehensive description of the statistical properties of the newly introduced model. Robust measures of skewness and kurtosis of the proposed model have also been derived along with the moment generating function, characteristic function, reliability function and hazard rate function of the proposed model. The estimation of the model parameters is performed by maximum likelihood method followed by a Monte Carlo simulation procedure. The applicability of this distribution to modeling real life data is illustrated by two real life examples and the results of comparison to base distribution in modeling the data are also exhibited.