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This article discusses the problem of estimating the unknown model parameters as well as prediction of future observations from inverse power Maxwell distribution. The maximum likelihood method is applied for estimating the model parameters using Newton-Rapson iterative procedures. The existence and uniqueness of maximum likelihood estimates are established using Cauchy-Schwartz inequality. Approximate confidence intervals are constructed using Fisher information matrix. Using independent gamma informative priors, the Bayes estimates of unknown model parameters are obtained under squared error and Linex loss functions. Two approximation techniques namely: Lindley’s approximation and Metropolis-Hastings within Gibbs sampler algorithm have been employed to derive the Bayes estimators and also to construct the associate highest posterior density credible intervals. Based on the informative (observed) sample, Bayesian prediction, predictive density, and predictive intervals are derived for future observation and decision. The performance of proposed methods are evaluated though a Monte Carlo simulation experiment. Two real-life datasets related to tax revenue and heath are incorporated to show the practical utility of proposed methodology in real phenomenon.