This paper presents a theoretical model in which the stock growth rate of durable goods has stochastic fluctuation over time. It concludes that a social planner increases the expected percentage rate of production since uncertainty increases the user cost from consumer’s point view.

the hotelling's  control chart, is the most widely used multivariate procedure for monitoring  two or more related quality characteristics, but it’s power lacks the desired performance in detecting small to moderate shifts. recently, the variable sampling intervals (vsi) control scheme in which the length of successive sampling intervals is determined upon the preceding values has been pro...

Short-term prediction of traffic flow is central to alleviating congestion and controlling the negative impacts of environmental pollution resulting from vehicle emissions on both inter- and intra-urban highways. The strong need to monitor and control congestion time and costs for metropolis in developing countries has therefore motivated the current study. This paper establishes the applicatio...

This paper proposes a multi-objective model for the economic-statistical design of the variable sample size and sampling interval multivariate exponentially weighted moving average control chart by using double warning lines. The Markov chain approach is used to obtain the statistical properties. We extend the Lorenzen and Vance cost function considering multiple assignable causes and multivari...

In this paper we consider an imperfect production system which produces good and defective items and assume that defective items can be reworked. Due to the nature of rework process we do not restrict the rework rate to be equal to normal production rate or constant and assume that it is a random variable with an arbitrary distribution function. We also assume as it is true in most real world s...

the conventional method towards deriving schedule for a fleet of ships to minimize cost alone has the short-coming of not addressing the problem of operation revenue losses associated with delays during maintenance at ships dockyards. in this paper, a preventive maintenance schedule for a fleet of ships that incorporates op-portunity cost is presented. the idea is to assign a penalty cost to al...