Monitoring the covariance matrix with the vmax chart
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In this article, we propose a new statistic to control the covariance matrix of bivariate processes. This new statistic is based on the sample variances of the two quality characteristics, shortly VMAX statistic. The points plotted on the chart correspond to the maximum of the values of these two variances. The reasons to consider the VMAX statistic instead of the generalized variance |S| are faster detection of process changes and better diagnostic feature, that is, with the VMAX statistic it is easier to identify the out-of-control variable.