Economic modeling for statistical process control

Research in the economic design of the control charts, which are the engineer's most important tool for the management of the quality of the firm's product or service is substantive, simply because it ties directly into the way actual and critical decisions are made and should made. A balance in maintenance and monitoring of the process plays a major role in the economic success of the business. Economic modeling for statistical process control is very important, when it comes to quality management and cost effectiveness of the process monitoring.