A joint determination of production cycle length, maintenance policy, and control chart parameters considering time value of money under stochastic shift size

Abstract

Statistical process monitoring, maintenance policy, and production cycle length usually have been investigated separately while they are three dependent aspects in the industrial systems. Moreover, most of the papers that integrated simultaneously these aspects, suffer from three major drawbacks as follows: (1) Optimizing the production cost without considering the time value of money to simplify the model; (2) Considering the fixed shift size while it is a random variable in the real condition; (3) Economic design of control charts ignoring the statistical properties that lead to reduce the control chart power, extremely. To eliminate these weaknesses, this paper presents an integrated model of production cycle length, maintenance policy, and economic-statistical design considering the time value of money and the stochastic shift size. Furthermore, to maintain the reliability of the system at an acceptable level, the presented model uses non-uniform sampling. Finally, three comparative studies on the main contributions are presented to illustrate the advantages of the model and a sensitivity analysis is implemented on the several parameters to extend insights into the matter.