Article (Scientific journals)
Evaluation of the Economic Statistical Design of the Multivariate T2 Control Chart with Multiple Variable Sampling Intervals Scheme: NSGA-II Approach
Faraz, Alireza; Seif, Asghar; Sadeghifar
2015In Journal of Statistical Computation and Simulation, 85 (12), p. 2442-2455
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Keywords :
Multivariate T2 Control Chart; Multi-Objective Optimization; Economic Statistical Design; NSGA-II Algorithm; Variable Sampling Intervals Scheme
Abstract :
[en] The economic and statistical merits of a multiple variable sampling intervals (MVSI) scheme are studied. The problem is formulated as a double-objective optimization problem with the adjusted average time to signal as the statistical objective and the expected cost per hour as the economic objective. Bai and Lee’s ‎[2] economic model is considered. Then we find the Pareto-optimal designs in which the two objectives are minimized simultaneously by using the non-dominated sorting genetic algorithm. Through an illustrative example, the advantages of the proposed approach is shown by providing a list of viable optimal solutions and graphical representations, which indicate the advantage of flexibility and adaptability of our approach.
Disciplines :
Business & economic sciences: Multidisciplinary, general & others
Author, co-author :
Faraz, Alireza ;  Université de Liège - ULiège > HEC-Ecole de gestion : UER > Statistique appliquée à la gestion et à l'économie
Seif, Asghar;  Department of Mathematics, Hamedan Branch, Islamic Azad University, Hamedan, Iran
Sadeghifar;  Department of Statistics, Bu-Ali Sina University, Hamedan, Iran
Language :
English
Title :
Evaluation of the Economic Statistical Design of the Multivariate T2 Control Chart with Multiple Variable Sampling Intervals Scheme: NSGA-II Approach
Publication date :
June 2015
Journal title :
Journal of Statistical Computation and Simulation
ISSN :
0094-9655
eISSN :
1563-5163
Publisher :
Taylor & Francis Ltd, Abingdon, United Kingdom
Volume :
85
Issue :
12
Pages :
2442-2455
Peer reviewed :
Peer Reviewed verified by ORBi
Funders :
F.R.S.-FNRS - Fonds de la Recherche Scientifique [BE]
Available on ORBi :
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