On the inferences and applications of transmuted exponential Lomax distribution

This article proposed a new distribution referred to as the transmuted Exponential Lomax distribution as an extension of the popular Lomax distribution in the form of Exponential Lomax by using the Quadratic rank transmutation map proposed and studied in earlier research. Using the transmutation map, we defined the probability density function (PDF) and cumulative distribution function (CDF) of the transmuted Exponential Lomax distribution. Some properties of the new distribution were extensively studied after derivation. The estimation of the distribution’s parameters was also done using the method of maximum likelihood estimation. The performance of the proposed probability distribution was checked in comparison with some other generalizations of Lomax distribution using three real-life data sets. The results obtained indicated that TELD performs better than the other distributions comprising power Lomax, Exponential-Lomax, and the Lomax distributions.