A BAYESIAN DECISION APPROACH TO MODEL MONITORING AND CUSUMS
UNSPECIFIED (1994) A BAYESIAN DECISION APPROACH TO MODEL MONITORING AND CUSUMS. JOURNAL OF FORECASTING, 13 (1). pp. 29-36. ISSN 0277-6693Full text not available from this repository.
Cumulative Sum techniques are widely used in quality control and model monitoring. A single-sided cusum may be regarded essentially as a sequence of sequential tests which, in many cases, such as those for the Exponential Family, is equivalent to a Sequence of Sequential Probability Ratio Tests. The relationship between cusums and Bayesian decisions is difficult to establish using conventional methods. An alternative approach is proposed which not only reveals a relation but also offers a very simple formulation of the decision process involved in model monitoring. This is first illustrated for a Normal mean and then extended to other important practical cases including Dynamic Models. For V-mask cusum graphs a particular feature is the interpretation of the distance of the V vertex from the latest plotted point in terms of the prior precision as measured in 'equivalent' observations.
|Item Type:||Journal Article|
|Subjects:||H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
H Social Sciences > HD Industries. Land use. Labor
|Journal or Publication Title:||JOURNAL OF FORECASTING|
|Publisher:||JOHN WILEY & SONS LTD|
|Number of Pages:||8|
|Page Range:||pp. 29-36|
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