Unpublished conference/Abstract (Scientific congresses and symposiums)
A modified economic-statistical design of the VP multivariate control charts
SEIF, Asghar; Faraz, Alireza
2012International Conference on Mathematical and Statistical Sciences
 

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Keywords :
Economic statistical design,; Hotelling’s T2 control chart,; Markov Chain, Genetic Algorithms (GA).
Abstract :
[en] Hotelling’s T2 control chart is one of the most popular multivariate control charts for monitoring multiple variables simultaneously. Recent studies have shown that applying the T2 control chart by using a variable parameters (VP) scheme yields more rapid detection of assignable causes than the classical method of taking fixed sample sizes at fixed intervals of time. This paper presents an economic-statistical design (ESD) of the VP T2 control chart using the general model of Lorenzen and Vance. The genetic algorithm (GA) is then employed to search for the optimal values of the eight test parameters of the chart. Furthermore, VP and FRS schemes are compared with respect to the expect cost per unit time.
Disciplines :
Quantitative methods in economics & management
Author, co-author :
SEIF, Asghar;  Islamic Azad University of Hamedan, Hamedan, Iran > Department of Mathematics
Faraz, Alireza ;  Université de Liège - ULiège > HEC-Ecole de gestion : UER > Statistique appliquée à la gestion et à l'économie
Language :
English
Title :
A modified economic-statistical design of the VP multivariate control charts
Alternative titles :
[en] modified ESD VP T2
Publication date :
15 January 2012
Number of pages :
1064 - 1070
Event name :
International Conference on Mathematical and Statistical Sciences
Event organizer :
World Academic of Science
Event place :
Zurich, Switzerland
Event date :
14 - 17
Audience :
International
Available on ORBi :
since 12 June 2012

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