Products that do not meet the specification criteria of an intended buyer represent a challenge to the producer in maximizing profits. To understand the value of the optimal process target (OPT) set at a profit-maximizing level, a model was developed by Shao et al. (1999) involving multiple...

Traditional control charts assume independence of observations obtained from the monitored process. However, if the observations are autocorrelated, these charts often do not perform as intended by the design requirements. Recently, several control charts have been proposed to deal with...

In this paper, we consider a buyer who designs a product and owns the brand, yet outsources the production to a supplier. Both the buyer and the supplier incur quality-related costs, e.g., costs of customer goodwill and future market share loss by the buyer and warranty-related costs shared by...

Quick detection of unanticipated changes in a financial sequence is a critical problem for practitioners in the finance industry. Based on refined logarithmic moment estimators for the four parameters of a stable distribution, this article presents a stable-distribution-based multi-CUSUM chart...

This article compares the effectiveness and robustness of nine typical control charts for monitoring the mean of a variable, including the most effective optimal and adaptive Sequential Probability Ratio Test (SPRT) charts. The nine charts are categorized into three types (the X¯ type, CUSUM...