Economic design of EWMA control charts based on loss function

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dc.citation.epage759en_US
dc.citation.issueNumber3-4en_US
dc.citation.spage745en_US
dc.citation.volumeNumber49en_US
dc.contributor.authorSerel, D. A.en_US
dc.date.accessioned2016-02-08T10:05:27Z
dc.date.available2016-02-08T10:05:27Z
dc.date.issued2009en_US
dc.departmentFaculty of Business Administrationen_US
dc.description.abstractFor 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.en_US
dc.identifier.doi10.1016/j.mcm.2008.06.012en_US
dc.identifier.issn0895-7177
dc.identifier.urihttp://hdl.handle.net/11693/22843
dc.language.isoEnglishen_US
dc.publisherElsevieren_US
dc.relation.isversionofhttp://dx.doi.org/10.1016/j.mcm.2008.06.012en_US
dc.source.titleMathematical and Computer Modellingen_US
dc.subjectAverage run lengthen_US
dc.subjectEconomic designen_US
dc.subjectEWMA control charten_US
dc.subjectMarkov chainen_US
dc.subjectStatistical process controlen_US
dc.subjectDesignen_US
dc.subjectDigital signal processingen_US
dc.subjectFlowchartingen_US
dc.subjectFunctionsen_US
dc.subjectGraphic methodsen_US
dc.subjectMarkov processesen_US
dc.subjectProbability density functionen_US
dc.subjectProcess controlen_US
dc.subjectProcess engineeringen_US
dc.subjectQuality controlen_US
dc.subjectSurface treatmenten_US
dc.subjectAverage run lengthen_US
dc.subjectControl chartsen_US
dc.subjectControl limitsen_US
dc.subjectControl schemesen_US
dc.subjectEconomic designen_US
dc.subjectEwma chartsen_US
dc.subjectEWMA control charten_US
dc.subjectExponential loss functionsen_US
dc.subjectExponentially weighted moving averagesen_US
dc.subjectIn processesen_US
dc.subjectLoss functionsen_US
dc.subjectMarkov chainen_US
dc.subjectNumerical examplesen_US
dc.subjectNumerical resultsen_US
dc.subjectOverall costsen_US
dc.subjectSample sizesen_US
dc.subjectSampling intervalsen_US
dc.subjectShewharten_US
dc.subjectSmoothing constantsen_US
dc.subjectStatistical process controlen_US
dc.titleEconomic design of EWMA control charts based on loss functionen_US
dc.typeArticleen_US

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