The application of unilateral single value control chart based on lognormal distribution

Shibo Xin, Xi Wang, Yanquan Chen

COMPUTER MODELLING & NEW TECHNOLOGIES 2013 17(5A) 46-48

Beijing Technology and Business University, Str. 33, Fucheng, China

The risk theory tells us that the short-term high risks exist at the right tail of the distribution. So we advocate the design and parameter estimation method, which the special figures that reflect short-term risks are within the control limits of unilateral single value control chart based on lognormal distribution, and we also put forward how to use unilateral single value control chart through examples. This essay aims to monitor the short-term risks by means of control chart and reduce unnecessary losses of high risks.