Application of Alpha Power Cubic Transmuted Dagum Distribution to Real-Life Data

In this article, a new model is proposed called alpha power cubic transmuted distribution. Some properties of the new distribution such as survival and hazard functions and other useful measures were obtained. The model parameters were estimated using the method of maximum likelihood. The usefulness of the proposed distribution has been shown using three real datasets. This indicates that the proposed compound distribution would be useful in the area of distribution theory in Statistics, and in modeling real life data sets relating to biology, demography, geology, economics, environmental sciences, engineering, finance, medicine, hydrology, insurance and many other fields.