New method boosts reliability estimation, revolutionizing risk assessment in industries.
The article explores ways to estimate the reliability of Geometric distribution, an important concept in reliability studies. By using a new Hierarchical Bayesian method, researchers developed more robust estimation techniques compared to traditional methods. Their approach involved creating a hierarchical prior distribution based on negative logarithm gamma distribution, leading to more accurate estimations under scaled squared error loss function. Through Monte Carlo simulations, it was confirmed that the hierarchical Bayesian estimation method outperformed E-Bayesian estimation in terms of reliability.