A Novel Method for Developing Efficient Probability Distributions with Applications to Engineering and Life Science Data

In this paper, a new approach for deriving continuous probability distributions is developed by incorporating an extra parameter to the existing distributions. Frechet distribution is used as a submodel for an illustration to have a new continuous probability model, termed as modified Frechet (MF) distribution. Several important statistical properties such as moments, order statistics, quantile function, stress-strength parameter, mean residual...