Abstract:In this paper, a user-friendly, Excel program is developed to search for the optimal values of the parameters in minimizing the total cost function in both economic and economic statistical designs of theX-control chart. Two assumptions are considered in the development and use of the economic or economic statistical models. These assumptions are potentially critical. It is assumed that the time between process shifts can be modelled by means of the exponential distribution. It is further assumed that there is… Show more
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