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

• Published in: Scientia Iranica. Transaction E, Industrial engineering Vol. 27; no. 1; pp. 427 - 447
• Main Authors: Salmasnia, A, Hajihosseini, Z, Namdar, M, Mamashli, F
• Format: Journal Article
• Language: English
• Published: Tehran Sharif University of Technology 01.01.2020
• Subjects: Comparative studies; Control charts; Costs; Debt financing; Design; Economic models; Economics; Inventory; Laplace transforms; Maintenance; Manufacturing; Mathematical models; Parameter sensitivity; Present value; Preventive maintenance; Production costs; Random variables; Researchers; Sensitivity analysis; Statistics; Stochastic processes; Studies
• DOI: 10.24200/sci.2018.5744.1457

Statistical process monitoring, maintenance policy, and production cycle length are usually investigated separately, while they are three dependent aspects in the industrial systems. Moreover, most of the papers that have integrated these aspects simultaneously 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; and (3) economic design of control charts ignoring the statistical properties that lead to a decrease in 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 sensitivity analysis is implemented on several parameters to extend insights into the matter.