Economically Optimal Determination of the Parameters of X̄-Control Chart

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Abstract
This paper seeks a theoretical basis for determining the optimal parameters of the X̄-chart under the specified conditions. These parameters are the sample size, the factor determining the spread of the control limits, and the intersample interval. The paper shows how to determine these parameters under sound practical assumptions so that the relevant cost function is minimized. Illustrative examples show how the formulated model can be applied.

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