THE APPLICATION OF UNILATERAL SINGLE VALUE CONTROL CHART BASED ON LOGNORMAL DISTRIBUTION
Journal: Applied Computer Letters (ACL)
Author: Shibo Xin, Xi Wang, Yanquan Chen
This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited
The risk theory tells us that the short-term high risks exist at the right tail of the distribution. So we advocate the design and parameter estimation method, which the special figures that reflect short-term risks are within the control limits of unilateral single value control chart based on lognormal distribution, and we also put forward how to use unilateral single value control chart through examples. This essay aims to monitor the short-term risks by means of control chart and reduce unnecessary losses of high risks.