Joint economic design of mean and variance control charts

Joint economic design of mean and variance control charts

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Article ID: iaor1988408
Country: United Kingdom
Volume: 14
Issue: 1
Start Page Number: 65
End Page Number: 78
Publication Date: Sep 1988
Journal: Engineering Optimization
Authors: , ,
Keywords: manufacturing industries, stochastic processes
Abstract:

This paper develops an economically designed nx-s2 control chart and compares it to the economically designed nx-R control chart in terms of loss cost, power and Type I error. Specific case examples are given. The results show that the nx-s2 control chart has lower minimal cost and higher power than the nx-R control chart. The paper also presents a very good index to show, firstly, the joint effect of power and loss cost and, secondly, the joint effect of Type I error and loss cost. The numerical study also shows the nx-s2 control procedure is better than the nx-R control procedure in terms of both, power and cost, and type 1 error and cost, in most cases.

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