On improved fitting using a new probability distribution and artificial neural network: Application

Statistical modeling and forecasting are crucial to understanding the depth of information in data from all sources. For precision purposes, researchers are always in search of ways to improve the quality of modeling and forecasting, whatever the complexity of the situation. To this end, new (probability) distributions and suitable forecasting methods are demanded. The first part of this paper contributes to this direction. Indeed, we introduce a modified version of the flexible Weibull distribution, called the modified flexible Weibull distribution. It is constructed by mixing the flexible Weibull distribution with the exponential T-X scheme. This strategy is winning; the new distribution has a larger panel of functionalities in comparison to those of the classical Weibull distribution, among other things. To check the quality of the fitting of the modified flexible Weibull distribution, two different datasets are analyzed. After analyzing these datasets, it is observed that the modified flexible Weibull distribution has improved fitting power compared to other similar distributions. Apart from this, the conventional time series model, namely, the autoregressive integrated moving average (ARIMA) model, and the modern artificial neural network (ANN) model are considered for forecasting results. Utilizing the two datasets discussed earlier, it was discovered that the ANN model is more effective than the traditional ARIMA model.