๐”– Bobbio Scriptorium
โœฆ   LIBER   โœฆ

A bayesian decision approach to model monitoring and cusums

โœ Scribed by P. J. Harrison; P. P. Veerapen

Publisher
John Wiley and Sons
Year
1994
Tongue
English
Weight
463 KB
Volume
13
Category
Article
ISSN
0277-6693

No coin nor oath required. For personal study only.

โœฆ Synopsis

Abstract

Cumulative Sum techniques are widely used in quality control and model monitoring. A singleโ€sided cusum may be regarded essentially as a sequence of sequential tests which, in many cases, such as those for the Exponential Family, is equivalent to a Sequence of Sequential Probability Ratio Tests. The relationship between cusums and Bayesian decisions is difficult to establish using conventional methods. An alternative approach is proposed which not only reveals a relation but also offers a very simple formulation of the decision process involved in model monitoring. This is first illustrated for a Normal mean and then extended to other important practical cases including Dynamic Models. For Vโ€mask cusum graphs a particular feature is the interpretation of the distance of the V vertex from the latest plotted point in terms of the prior precision as measured in โ€˜equivalentโ€™ observations.

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