Characteristics of Economically Designed CUSUM and \bar{X} Control Charts

peer reviewedIn this paper we investigate the characteristics of economic control chart designs for both Shewhart (¯X ) and CUSUM control charts. Authors in the past have made some suggestions regarding the design of these charts, where design is defined as finding the values of sample size, intersample interval and control limit (Shewhart chart) or control parameters (k and h) for the CUSUM chart. Here, we run a large number of experiments consisting of many configurations of the parameters and describe and model the results in terms of the actual economic designs