Abstract #300008

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JSM 2003 Abstract #300008
Activity Number: 98
Type: Contributed
Date/Time: Monday, August 4, 2003 : 9:00 AM to 10:50 AM
Sponsor: Section on Quality & Productivity
Abstract - #300008
Title: Bayesian Economic Variable Acceptance-Sampling Plan Using Inverse-Gaussian Model and Step-Loss Function
Author(s): Mostafa Aminazdeh*+
Companies: Towson University
Address: 8000 York Rd., Dept. of Math, Towson, MD, 21252,
Keywords: Bayesian ; Inverse-Gaussian ; Step-Loss ; Sampling Plan ; Expected Cost
Abstract:

Inverse Gaussian (IG) distribution is used as a lifetime model to obtain optimal values for sample size (n) and action limit (d) for employing economic variable acceptance-sampling plans based on step-loss function. IG prior distribution is assumed for the lot mean. Robustness of the proposed sampling plan with respect to a choice of prior is studied. It indicates robustness as long as the tail specification of alternative prior distributions are close enough to that of IG distribution. Simulation studies indicate accuracy of Taylor series as an approximation method for intractable expected values. To facilitate employing the proposed sampling plan, macros are provided that search for optimal values of n, d, and Expected Total Cost.

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