A STUDY OF THE GOMPERTZ DISTRIBUTION METHOD AND ITS APPLICATIONS

₦ 5,000.00
i h

ABSTRACT

The Gompertz distribution stands as a pillar in mortality modelling, offering insights into the age patterns of death and serving as a fundamental tool in demography and actuarial science. This project delves into the intricacies of the Gompertz distribution method, tracing its historical roots from Benjamin Gompertz's seminal observation in 1825 to its contemporary applications in survival analysis and lifetime data modelling. The objective of this study is to estimate parameters of the Gompertz distribution for various datasets and to derive survival and hazard functions, shedding light on the probability of survival and the failure rate over time. I explore the foundational principles underlying the Gompertz model, emphasising its significance in understanding mortality patterns across diverse human populations. Key concepts and applications of the Gompertz distribution and statistical properties, such as shape and scale parameters, are explained, providing a nuanced understanding of the distribution's behaviour.

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