New distribution model offers superior fit for heavy-tailed data analysis.
A new type of probability distribution called inverse power Akash distribution has been developed to better fit data with heavy tails and unusual shapes. This distribution can accurately model data with an upside-down bathtub hazard rate function. The distribution's properties, such as moments, mean, variance, and more, have been studied, and maximum likelihood estimators for its parameters have been derived. In comparisons with other distributions, the inverse power Akash distribution has shown superior performance in modeling heavy-tailed data.