New distribution model revolutionizes analysis of positively skewed data!
A new type of statistical distribution called the Kummer beta generalized gamma distribution has been created to better analyze data that is positively skewed. This new distribution is made up of a combination of other well-known distributions like the Weibull and gamma distributions. The researchers have derived various mathematical properties of this new distribution, such as moments, generating function, and entropy. They have also shown how to use maximum likelihood and Bayesian methods to estimate the distribution's parameters. The researchers have demonstrated the effectiveness of this new model by applying it to three real datasets.