Modified Inverse Lomax Distribution: Model and properties

Here, a new distribution having three called Modified Inverse Lomax Distribution is proposed. Important statistical properties like the survival, hazard rate, the probability density function (PDF) is studied. Least Square, Cramer-Von Mises and Maximum Likelihood estimation methods are used for estimation of parameters using R programming software. A data set is discussed and performed the goodness-of-fit to assess the application of the proposed distribution. Various methods of model comparison and model validation are also used. The proposed model called Modified Inverse Lomax Distribution is more applicable as compared to some existing probability model.