Sensitivity study of the CUSUM control chart with an economic model

Article Abstract:

The Lorenzen and Vance (LV) economic model was applied to the Cumulative Sum control chart to facilitate a sensitivity analysis of model inputs. Two-level fractional factorial designs were used to identify important LV economic control chart model parameters. Control limit, reference value, sample size and time between samples were identified as critical input variables with respect to the decision variables of the LV model. A small subset of model inputs was found to control cost response, subsequently simplifying industrial implementation.

Research, Quality control, Quality control charts, Statistical process control

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Techno-economic evaluation of waste lube oil refining

Article Abstract:

There are around 80 million gallons of used Saudi Arabian automotive lubricating oils waiting to be reused by refiners. Most of them go to waste and even pollute the environment for want of sufficient rerefining capacity in the US. Analysis of five refining procedures showed that used lube oil has as high a quality as the brand new product and thus, could be commercially used. In terms of profitability, a Mohawk refining facility was found to have a payback period of only 1.4 years, which makes rerefining very attractive to investors.

Lubricating oils and greases, Petroleum Lubricating Oil and Grease Manufacturing, Lube Oils, Economic aspects, Petroleum refineries, Lubricating oils

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Economic lot size model for price-dependent demand under quantity and freight discounts

Article Abstract:

The advantages of quantity and freight discounts in a price-dependent demand settings have been demonstrated to be vital in inventory policy for a firm to be competent. In today's dynamic economy, transportation expense is a vital player in a multitude of operating decisions. In countless cases, the discounts may in fact take place in transportation expenses.

Freight Transportation, Pricing Policy, Management, Prices and rates, Freight transportation industry, Pricing, Freight, Economic lot size

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