Abstract
AbstractThe Pareto distribution has been widely used to model data in numerous areas including actuarial science, climatology, economics, finance, and reliability. The exponential weighted moving average (EWMA) chart with variable sample size and sampling interval (VSSI) is quicker than EWMA chart, EWMA chart with variable sample size (VSS), and EWMA chart with variable sampling interval (VSI) in detecting the mean shifts of a normal process. In this study, we present an EWMA‐VSSI chart to monitor the Pareto data with estimated parameters. The average time to signal (ATS) is computed by using the Markov chain approach. The results indicate that the proposed chart performs better than the other EWMA charts with fixed sample size, VSS, and VSI in terms of ATS. The design parameters of the proposed control charts are given in order to expedite the use of the chart by practitioners. Two examples are used to illustrate the application of the proposed control charts.
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