A New Generalization of the Exponentiated Inverted Weibull Distribution With Applications to Tax Revenue and Reliability Data

The addition of an extra parameter to standard distributions is a common technique in statistical theory. This study introduces a new generalization of the Exponentiated Inverted Weibull distribution named alpha power exponentiated Inverted Weibull distribution (APEIW). The APEIW allows for a significant amount of versatility in modeling various data forms as it accommodates upside-down bathtubs, decreasing, and reversed-J shapes for hazard rate function. Some of the APEIW's mathematical properties are derived in close forms. The maximum likelihood estimation technique was used for the purpose of estimation. Two real life data sets were used to show the applicability of the Alpha Power Exponentiated Inverted Weibull model over all other models considered in this study.