Economic design of time‐between‐events control chart system

This article presents the economic design of the control chart system consisting of several individual control charts based on time‐between‐events (TBE) data for monitoring multistage manufacturing processes. The design algorithm considers all the TBE charts within a system in an integrative and optimal manner. Numerical studies show that the proposed design algorithm improves the performance characteristics (in terms of profit) considerably. The proposed control chart system is easy to understand and operate, and thus the floor operators can utilize and understand it as easily as for the traditional system.