Economic and Economic-Statistical Designs of the Synthetic Bayesian Control Chart

Synthetic control charts have received a lot of attention from researchers in recent years, and their advantages have been proven in many cases. In this paper, we present a new control chart by combining the ‘‘Conforming Run Length’’ and ‘‘Bayesian’’ control charts, which we named it as the synthetic Bayesian control chart. Following that, we study the economic and economic-statistical designs of the synthetic Bayesian control chart using the Costa and Rahim economic model. The implementation of the economic and economic-statistical designs of the proposed control chart are studied through simulation, and the results are compared with the economic and economic-statistical designs of the usual FRS and VSI Bayesian control charts. The results confirm that, in all cases, for all shift values in the process mean, and for all cost and time conditions, the proposed synthetic control chart performs better than the conventional FRS and VSI Bayesian control charts.