Journal of Engineering and Applied Sciences
ISSN: Online 1818-7803ISSN: Print 1816-949x
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Abstract
The Coefficient of Variation (CV) chart monitors changes in the ratio of the standard deviation against the mean, instead of monitoring changes in the mean and/or standard deviation. The economic-statistical design of the CV chart allows practitioners to select optimal chart parameters which minimize the cost subject to constraints in the run length. However, a large number of parameters need to be estimated. This study looks at the effects when these parameters are incorrectly estimated. It was found that a minimal increase in cost is shown when the parameters are not estimated accurately, except for the incorrect specification of the shift size and the out-of-control quality cost which shows a slightly higher increase in cost. Thus, only a rough approximation is needed for most of the parameters.
How to cite this article:
Yeong Wai Chung, Michael Khoo Boon Chong, Lim Sok Li, Teoh Wei Lin and Ng Peh Sang. Effects of Misspecification on the Economic-Statistical Design of the Coefficient of Variation Chart.
DOI: https://doi.org/10.36478/jeasci.2016.1655.1659
URL: https://www.makhillpublications.co/view-article/1816-949x/jeasci.2016.1655.1659