Economic Design of Stateless Control Charts for Deteriorating Systems

Typical control charts output a single signal called an alarm upon detection of an abrupt change. This alarm may serve a variety of functions depending on the context. Alarms for mechanical, chemical, or electrical systems often drive maintenance actions. The timing and nature of these maintenance actions may in turn have a significant impact on the long-term cost or profitability of the system, and this impact can be assessed given a reliability model, cost model, and process model for the system.