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Loss functions have been well studied for decades. Some researchers use loss function to design control charts economically, but few have used loss function to construct control charts directly. We propose a new class of control charts based on the concept of quality loss function. Our charts can be used for both univariate and multivariate processes, and they are more sensitive than Shewhart control...
With the development of modern techniques of online data collection, more and more processes are observed to be autocorrelated. Applying traditional Shewhart control chart or even some advanced control charts like CUSUM and EWMA on autoregressive processes will be misleading. The most popular method dealing with autocorrelation is to firstly fit an ARMA model to the processes, and then apply control...
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