Economic–statistical Design of Maximum Exponentially Weighted Moving Average Control Charts

Abstract

The maximum exponentially weighted moving average (MaxEWMA) control chart effectively combines the two EWMA charts into one chart and monitors both increases and decreases in the mean and/or variability. In this paper, we develop the economic–statistical design of the MaxEWMA control chart in which the Taguchi's quadratic loss function is incorporated into the Duncan's economical model. Numerical simulations are executed to minimize the expected total cost model and determine the optimal decision variables, including the sample size, sampling interval, control limit width, and the smoothing constant of the MaxEWMA control chart. It is shown that the optimal control limit width and smoothing constant increase as the optimal cost value increases and that both the optimal sample size and sampling interval always decrease as the magnitudes of mean and/or variance shifts increase. Copyright © 2012 John Wiley & Sons, Ltd.

Cite this work

No public copy is stored for this record, so only the metadata is cited.

Stored only when both papers are in the corpus — 10 citations exist upstream.

Papers that cite the same references — the relational fallback while embeddings are still backfilling.