|
Abstract
|
The weighted flexible Weibull distribution focuses on its unique point of flaunting
a bathtub-shaped hazard rate, characterized by an initial increase followed by a drop over
time. This property plays a major role in reliability analysis. In this paper, this distribution
and its main properties are examined, and the parameters are estimated using several
estimation methods. In addition, a simulation study is done for different sample sizes.
The performance of the proposed model is illustrated through two real-world applications:
component failure times and COVID-19 mortality. Moreover, the value-at-risk (VaR), tail
value-at-risk (TVaR), peaks over a random threshold VaR (PORT-VaR), the mean of order P
(MOP[P]) analysis, and optimal order of P due to the true mean value can help identify and
characterize critical events or outliers in failure events and COVID-19 death data across
different counties. Finally, the PORT-VaR estimators are provided under a risk analysis for
both applications
|