Reference : The Robust Economic Statistical Design of the Hotelling’s T^2 Chart
Scientific journals : Article
Business & economic sciences : Multidisciplinary, general & others
http://hdl.handle.net/2268/168870
The Robust Economic Statistical Design of the Hotelling’s T^2 Chart
English
Faraz, Alireza mailto [Université de Liège - ULiège > HEC-Ecole de gestion : UER > Statistique appliquée à la gestion et à l'économie >]
Chalaki, Kamyar mailto [> >]
Saniga, Erwin [> >]
Heuchenne, Cédric mailto [Université de Liège - ULiège > HEC-Ecole de gestion : UER > Statistique appliquée à la gestion et à l'économie >]
2016
Communications in Statistics: Theory and Methods
Taylor & Francis
Yes (verified by ORBi)
International
0361-0926
[en] Hotelling’s T^2 Control Chart, Robust Designs, Economic Statistical Designs, Genetic algorithms.
[en] Economic statistical designs aim at minimizing the cost of process monitoring when a specific scenario or a set of estimated process and cost parameters is given. However, in practical situations the process may be affected by more than one scenario which may lead to severe cost penalties for upsetting the true scenario. This paper presents the robust economic statistical design (RESD) of the T^2 chart to reduce the monetary losses when there are multiple distinct scenarios. The genetic algorithm optimization method is employed here to minimize the total expected monitoring cost across all distinct scenarios. Through two numerical examples the proposed method is illustrated. Simulation studies indicate that the robust economic statistical designs should be encouraged in practice.
Fonds de la Recherche Scientifique (Communauté française de Belgique) - F.R.S.-FNRS
Researchers ; Professionals ; Students
http://hdl.handle.net/2268/168870
10.1080/03610926.2014.972574

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