Monitoring process mean and variability with one triple EWMA chart

Control charts are very popular quality tools used to detect and control industrial process deviations in Statistical Process Control. In the current paper, we propose a new single memory-type control chart, called the maximum triple exponentially weighted moving average chart (referred as Max-TEWMA chart), that simultaneously detects both upward and downward shifts in the process mean and/or process dispersion. The run length performance and the diagnostic ability of the Max-TEWMA control chart are compared with that of the Max-EWMA, Max-DEWMA and Max-GWMA charts, through Monte-Carlo simulations. The comparisons reveal that the proposed chart is more efficient, than the competing ones, in detecting shifts in the process mean and variability simultaneously. Furthermore, the Max-TEWMA chart provides a satisfactory overall performance for identifying a wide range of shifts in the process mean and variability. Finally, two illustrative examples are presented to explain the application of the Max-TEWMA control chart.