Robust economic control chart design

Abstract

Designing a control chart involves making fundamental decisions about the control chart parameters. Traditionally, practitioners select design parameters using ad hoc procedures. Academic research has been challenging this tradition by introducing a more rigorous criterion for selecting the design parameters based on economic criteria. However, there has been limited success in implementing economic designs. This research develops the concept of Robust Economic Design of control charts where multiple economic and process scenarios are considered in control chart design. By developing a robust optimization technique for economic control chart design, we hope to promote a better understanding of industrial implementation of economic designs of control charts. The effectiveness of this technique is illustrated through examples and a sensitivity analysis.

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