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Abstract Details
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Activity Number:
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151
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Type:
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Invited
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Date/Time:
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Monday, August 1, 2011 : 10:30 AM to 12:20 PM
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Sponsor:
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Section on Risk Analysis
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| Abstract - #300453 |
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Title:
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Design of Cost-Effective Experiments
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Author(s):
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Alexandra Kapatou*+ and David Banks
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Companies:
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Performance Management Associates and Duke University
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Address:
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3429 Tanterra Circle, Brookeville , MD, 20833, USA
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Keywords:
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Factorial Design ;
Information ;
Optimality ;
Response Surface
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Abstract:
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Conventional experimental design theory ignores the fact that different observations have different costs. When some observations are much cheaper to make than others, then experimenters should seek the design which provides the most information at an affordable price. Such designs are typically unbalanced, but can be easily analyzed by modern software. This paper describes the issues that arise in cost-effective design and response surface analysis, and points out how the results differ from those obtained under traditional alphabetic-optimality criteria. The design of cost-effective experiments is illustrated with examples.
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