A New Pareto Model: Risk Application, Reliability MOOP and PORT Value-at-Risk Analysis

Abstract

The paper introduces a new reliability Burr Pareto type-II model, showcasing its versatility and effectiveness in engineering applications, particularly in analyzing the failure and service times of aircraft windshields. The BUPII model's application in failure analysis offers insights into the probabilistic behavior of windshield failures, aiding in risk prediction and management. Similarly, its extension to service time analysis demonstrates its utility in optimizing maintenance schedules and operational efficiency. Moreover, the paper conducts a rigorous mean-of-order P analysis under both failure and service time datasets, validating the new model's reliability assessment capabilities. Furthermore, employing the peaks over random threshold value at risk analysis highlights the model's practical relevance in quantifying financial risks associated with extreme events. Overall, the novel probability distribution emerges as a valuable tool for engineers and researchers involved in reliability and risk analysis, promising advancements in understanding and managing the reliability of engineering systems. Future research could explore broader applications and refined methodologies to further enhance predictive capabilities and decision-making support.