Efficient monitoring of coefficient of variation with an application to chemical reactor process

Control chart is a useful tool to monitor the performance of the industrial or production processes. Control charts are mostly adopted to detect unfavorable variations in process location (mean) and dispersion (standard deviation) parameters. In the literature, many control charts are designed for the monitoring of process variability under the assumption that the process mean is constant over time and the standard deviation is independent of the mean. However, for many real-life processes, the standard deviation may be proportional to mean, and hence it is more appropriate to monitor the process coefficient of variation (CV). In this study, we are proposing a design structure of the Shewhart type CV control chart under neoteric ranked set sampling with an aim to improve the detection ability of the usual CV chart. A comprehensive simulation study is conducted to evaluate the performance of the proposed $C{V}_{\mathrm{NRSS}]}$ chart in terms of $ARL$, $MDRL,$ and $SDRL$ measures. Moreover, the comparison of $C{V}_{\mathrm{NRSS}]}$ chart is made with the existing competitive charts, based on simple random sampling, ranked set sampling (RSS), median RSS, and extreme RSS schemes. The results revealed that the proposed chart has better detection ability as compared to all existing competitive charts. Finally, a real-life example is presented to illustrate the working of the newly proposed CV chart.