Reliability Aspects of Quantile-Based Residual Coefficient of Variation

Abstract

In reliability studies, the data is often truncated and hence the residual random variable plays a vital role in the modelling and analysis of lifetime data. Like various reliability measures such as hazard rate, mean residual life function, variance residual life function, the residual coefficient of variation is also an important tool considered by many. In this paper, we study a quantile version of coefficient of variation of residual life, an alternative to the traditional distribution function measure. We study various properties of it and obtain characterizations based on some well-known probability models. We introduce a class of distributions with linear quantile-based residual coefficient of variation and study their basic reliability properties. We also obtain some stochastic comparison and aging properties using quantile-based residual coefficient of variation. The L-moment method of estimation for the class of distributions with linear quantile-based residual coefficient of variation has also been illustrated using two real data sets.