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Economic design based on a multivariate Bayesian VSI chart with a dual control limit

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  • Xing Zhang
  • Jian Liu
  • Chao Tan

Abstract

In this paper, a multivariate Bayesian variable sampling interval (VSI) control chart for the economic design and optimization of statistical parameters is designed. Based on the VSI sampling strategy of a multivariate Bayesian control chart with dual control limits, the optimal expected cost function is constructed. The proposed model allows the determination of the scheme parameters that minimize the expected cost per time of the process. The effectiveness of the Bayesian VSI chart is estimated through economic comparisons with the Bayesian fixed sampling interval and the Hotelling's T2 chart. This study is an in-depth study on a Bayesian multivariate control chart with variable parameter. Furthermore, it is shown that significant cost improvement may be realized through the new model.

Suggested Citation

  • Xing Zhang & Jian Liu & Chao Tan, 2017. "Economic design based on a multivariate Bayesian VSI chart with a dual control limit," Communications in Statistics - Theory and Methods, Taylor & Francis Journals, vol. 46(14), pages 6808-6822, July.
    • Handle: RePEc:taf:lstaxx:v:46:y:2017:i:14:p:6808-6822
    DOI: 10.1080/03610926.2015.1136418
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