A novel generalized Weibull Poisson G class of continuous probabilistic distributions with some copulas, properties and applications to real-life datasets

Abstract

The current study introduces and examines copula-coupled probability distributions. It explains their mathematical features and shows how they work with real datasets. Researchers, statisticians, and practitioners can use this study’s findings to build models that capture complex multivariate data interactions for informed decision-making. The versatility of compound G families of continuous probability models allows them to mimic a wide range of events. These incidents can range from system failure duration to transaction losses to annual accident rates. Due to their versatility, compound families of continuous probability distributions are advantageous. They can simulate many events, even some not well represented by other probability distributions. Additionally, these compound families are easy to use. These compound families can also show random variable interdependencies. This work focuses on the construction and analysis of the novel generalized Weibull Poisson-G family. Combining the zero-truncated-Poisson G family and the generalized Weibull G family creates the compound G family. This family’s statistics are mathematically analysed. This study uses Clayton, Archimedean-Ali-Mikhail-Haq, Renyi’s entropy, Farlie, Gumbel, Morgenstern, and their modified variations spanning four minor types to design new bivariate type G families. The single-parameter Lomax model is highlighted. Two practical examples demonstrate the importance of the new family.