Economic Designing of Modified Chain Sampling Plan under Weibull Distribution using Bayesian Approach
P. Jeyadurga1, S. Balamurali2
1P. Jeyadurga, Department of Mathematicss, Kalasalingam Academy of Research and Education College, Krishnankoil (Tamil Nadu), India.
2S. Balamurali, Department of Computer Applications, Kalasalingam Academy of Research and Education College, Krishnankoil (Tamil Nadu), India.
Manuscript received on 24 November 2019 | Revised Manuscript received on 18 December 2019 | Manuscript Published on 30 December 2019 | PP: 700-705 | Volume-9 Issue-1S4 December 2019 | Retrieval Number: A11981291S419/19©BEIESP | DOI: 10.35940/ijeat.A1198.1291S419
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Abstract: The methodology to design modified chain sampling plan with economical aspect for assuring product’s mean life under Weibull distribution is considered in this paper. Bayesian approach is employed to estimate the unknown failure probability involved in economic designing. The ratio between product’s true mean life and specified mean life is assumed to be product’s quality. The optimal parameters are chosen so that they simultaneously satisfy the risks of both producer and consumer with minimum cost using the optimization problem. In addition, different shape parameters are used in optimal parameters determination. Real life data is used to explain the execution of the proposed plan and the performance of the proposed plan is compared with other existing plan using average outgoing quality curve.
Keywords: Bayesian Approach, Economic Design, Lifetime Ratio, Modified Chain Sampling, Truncated Life Test.
Scope of the Article: Block Chain-Enabled IoT Device and Data Security and Privacy