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      Economic design of EWMA control charts based on loss function

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      Author(s)
      Serel, D. A.
      Date
      2009
      Source Title
      Mathematical and Computer Modelling
      Print ISSN
      0895-7177
      Publisher
      Elsevier
      Volume
      49
      Issue
      3-4
      Pages
      745 - 759
      Language
      English
      Type
      Article
      Item Usage Stats
      189
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      130
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      Abstract
      For monitoring the stability of a process, various control charts based on exponentially weighted moving average (EWMA) statistics have been proposed in the literature. We study the economic design of EWMA-based mean and dispersion charts when a linear, quadratic, or exponential loss function is used for computing the costs arising from poor quality. The chart parameters (sample size, sampling interval, control limits and smoothing constant) minimizing the overall cost of the control scheme are determined via computational methods. Using numerical examples, we compare the performances of the EWMA charts with Shewhart over(X, -) and S charts, and investigate the sensitivity of the chart parameters to changes in process parameters and loss functions. Numerical results imply that rather than sample size or control limits, the users need to adjust the sampling interval in response to changes in the cost of poor quality.
      Keywords
      Average run length
      Economic design
      EWMA control chart
      Markov chain
      Statistical process control
      Design
      Digital signal processing
      Flowcharting
      Functions
      Graphic methods
      Markov processes
      Probability density function
      Process control
      Process engineering
      Quality control
      Surface treatment
      Average run length
      Control charts
      Control limits
      Control schemes
      Economic design
      Ewma charts
      EWMA control chart
      Exponential loss functions
      Exponentially weighted moving averages
      In processes
      Loss functions
      Markov chain
      Numerical examples
      Numerical results
      Overall costs
      Sample sizes
      Sampling intervals
      Shewhart
      Smoothing constants
      Statistical process control
      Permalink
      http://hdl.handle.net/11693/22843
      Published Version (Please cite this version)
      http://dx.doi.org/10.1016/j.mcm.2008.06.012
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      • Department of Management 579
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