Process tolerancing based on the process capability studies is the optimistic and pragmatic approach of determining the manufacturing process tolerances. On adopting the define–measure–analyze–improve–control approach, the process potential capability index (Cp) and the process...

Control charts are extensively used in manufacturing contexts to monitor production processes. This article illustrates economical design of a variable sample size and control limit Hotelling’s T2 control chart based on a novel cost model when occurrence times of the assignable causes are...

Process shift is an important input parameter in the economic design of control charts. Earlier x control chart designs considered constant shifts to occur in the mean of the process for a given assignable cause. This assumption has been criticized by many researchers since it may not be...

The majority of classic SPC methodologies assume a steady-state (i.e., static) process behavior (i.e., the process mean and variance are constant) without the influence of the dynamic behavior (i.e., an intended or unintended shift in the process mean or variance). Traditional SPC has been...

We test the efficient market hypothesis by using machine learning to forecast future stock returns from historical performance. These forecasts strongly predict the cross section of future stock returns. The predictive power holds in most subperiods, is strong among the largest 500 stocks, and...

With the need of more responsive and resilient manufacturing processes for high value, customised products, Flexible Manufacturing Systems (FMS) remain a very relevant manufacturing approach. Due to their complexity, quality monitoring in these types of systems can be very difficult,...

The define–measure–analyze–improve–control (DMAIC) approach is a five-strata approach, namely DMAIC. This approach is the scientific approach for reducing the deviations and improving the capability levels of the manufacturing processes. The present work elaborates on DMAIC approach...

We introduce a new class of Shewhart control charts, namely the ø-chart. This new class is based on the cumulative paired ø-divergence that generalizes both the cumulative (residual) entropy and the differential entropy. The phi-chart contains several subclasses; of which one has as a special...

Methods of Statistical Process Control (SPC) are used for detecting deviations from regular processing. SPC is applied in manufacturing implementations where statistical tools are used to monitor the performance of production processes in order to identify and correct considerable changes in the...