Abstract
Optimally determining parameters of the control chart is a critical task for control chart designer to improve the processes. However, difficulty in an accurate estimation of various cost and process parameters is one of the barriers while someone desire to determine these parameters by means of economic approach. In order to reduce cost penalties for not knowing the true values of the parameters and to study the impact of further improvement in detection power of the chart on the economic performance of the S control chart, this paper aims to develop a multiobjective model of the economic-statistical design of the S control chart to minimise the mean hourly loss cost as well as minimising average time to signal and maintaining reasonable in-control average run length. We show that the proposed model gives more practical outcomes in comparison with the existing economic design models.
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