Reference : Evaluation of the Economic Statistical Design of the Multivariate T2 Control Chart wi...
Scientific journals : Article
Business & economic sciences : Multidisciplinary, general & others
Evaluation of the Economic Statistical Design of the Multivariate T2 Control Chart with Multiple Variable Sampling Intervals Scheme: NSGA-II Approach
Faraz, Alireza mailto [Université de Liège - ULiège > HEC-Ecole de gestion : UER > Statistique appliquée à la gestion et à l'économie >]
Seif, Asghar mailto [Department of Mathematics, Hamedan Branch, Islamic Azad University, Hamedan, Iran > > > >]
Sadeghifar [Department of Statistics, Bu-Ali Sina University, Hamedan, Iran > > > >]
Journal of Statistical Computation and Simulation
Taylor & Francis Ltd
Yes (verified by ORBi)
United Kingdom
[en] Multivariate T2 Control Chart; Multi-Objective Optimization; Economic Statistical Design; NSGA-II Algorithm; Variable Sampling Intervals Scheme
[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.
Fonds de la Recherche Scientifique (Communauté française de Belgique) - F.R.S.-FNRS
Researchers ; Professionals ; Students

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