A Bayesian Extended Exponentially Weighted Moving Average Control Chart

Abstract

Abstract In this study, we propose a Bayesian Extended Exponentially Weighted Moving Average (BEEWMA) control chart. We have considered that the control chart statistic follows a normal distribution and the location parameter has an informative prior (normal). Average run length (ARL) has been used to evaluate the performance of the BEEWMA control chart. A simulation study has been performed to evaluate the new BEEWMA control chart’s performance for different smoothing constants values. The performance of the proposed control chart is also measured using a real-life application.