Reference : A modified economic-statistical design of the VP multivariate control charts
Scientific congresses and symposiums : Unpublished conference
Business & economic sciences : Quantitative methods in economics & management
A modified economic-statistical design of the VP multivariate control charts
[en] modified ESD VP T2
SEIF, Asghar [Islamic Azad University of Hamedan, Hamedan, Iran > Department of Mathematics > > >]
Faraz, Alireza mailto [Université de Liège - ULg > HEC-Ecole de gestion de l'ULg : UER > Statistique appliquée à la gestion et à l'économie >]
1064 - 1070
International Conference on Mathematical and Statistical Sciences
14 - 17
World Academic of Science
[en] Economic statistical design, ; Hotelling’s T2 control chart, ; Markov Chain, Genetic Algorithms (GA).
[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.
Researchers ; Professionals ; Students

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