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A BAYESIAN DECISION APPROACH TO MODEL MONITORING AND CUSUMS
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UNSPECIFIED (1994) A BAYESIAN DECISION APPROACH TO MODEL MONITORING AND CUSUMS. JOURNAL OF FORECASTING, 13 (1). pp. 29-36. ISSN 0277-6693.
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Abstract
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 | ||||
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Subjects: | H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HD Industries. Land use. Labor |
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Journal or Publication Title: | JOURNAL OF FORECASTING | ||||
Publisher: | JOHN WILEY & SONS LTD | ||||
ISSN: | 0277-6693 | ||||
Official Date: | January 1994 | ||||
Dates: |
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Volume: | 13 | ||||
Number: | 1 | ||||
Number of Pages: | 8 | ||||
Page Range: | pp. 29-36 | ||||
Publication Status: | Published |
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