Multivariate Exponentially Weighted Moving Average Charts for a Mean Based on Its Prediction Distribution
This article develops a control chart for a mean vector when it is monitored by a quadratic form in the exponentially weighted observation vector. A Bayesian approach is used to incorporate parameter uncertainty. We first use a Bayesian predictive distribution to construct the control chart, and we then use a sampling theory approach to evaluate it under various hypothetical specifications for the data generation model.