Economic design of CUSUM and EWMA control chairs for Indian RMC industry
Abstract
The design of a control chart has economic c
onsequences, 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 cons
ider 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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