Abstract
Control charts are popular tools in the statistical process control toolkit and the exponentially weighted moving average (EWMA) chart is one of its essential component for efficient process monitoring. In the present study, a new Bayesian Modified-EWMA chart is proposed for the monitoring of the location parameter in a process. Four various loss functions and a conjugate prior distribution are used in this study. The average run length is used as a performance evaluation tool for the proposed chart and its counterparts. The results advocate that the proposed chart performs very well for the monitoring of small to moderate shifts in the process and beats the existing counterparts. The significance of the proposed scheme has proved through two real-life examples: (1) For the monitoring of the reaming process which is used in the mechanical industry. (2) For the monitoring of golf ball performance in the sports industry.