A Statistical Framework for Economic Applications of Double Multivariate Exponentially Weighted Moving Average (dmewma) Control Charts
Year: 2024
Type: article
Abstract: This paper proposes an Economic Statistical Design of the Double Multivariate Exponentially Weighted Moving Average (DMEWMA) control chart and compares it with the Multivariate Exponentially Weighted Moving Average (MEWMA) control chart. Using Monte Carlo simulations and the Lorenzen and Vance Cost model, the cost-effectiveness of both designs is analyzed. Results show that the DMEWMA control chart offers superior performance in reducing production costs, particularly when monitoring multiple quality characteristics. Recent advances in statistical quality control further highlight the importance of efficient control chart design for minimizing costs in modern manufacturing environments.
Author: Researcher
Language: English
Subfield: Statistics, Probability and Uncertainty
Field: Decision Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W6949008168
FWCI:
Cites:
Cited by:
Related to: