Economic design of CUSUM and EWMA control charts for Indian RMC Industry
Abstract
The design of a control chart has economic
consequences, in which the costs of sampling
and testing, costs associated with investigating
out of control signals and possibly correcting
assignable causes, are all affected by the
choice of the control chart parameters.
Henceforth, it is logical to consider the design
of a control chart from an economic viewpoint.
In this paper, we made an attempt to develop
an optimum economic model for CUSUM
control charts applicable to Indian RMC
industry.
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