An Economic Approach to Acceptance Sampling

Download or read book An Economic Approach to Acceptance Sampling written by Robert Justin Ruth and published by . This book was released on 1973 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the economics of single sample acceptance sampling with the objective of determining a rational, consistent means of selecting a sampling plan. Three general situations are identified for which cost models are developed. These include: (1) non-destructive sampling with rectification of rejected lots, (2) non-destructive sampling without rectification, and (3) destructive sampling. A method, suitable for use on a computer, is developed which identifies the optimal sampling plan for each of the above situations. In the paper, the optimal sampling plan is taken to be that which minimizes the consumer's total operating costs per accepted lot. (Author).