A new adaptive EWMA chart for two‐parameter exponential distribution based on type‐II censored data

In this article, we propose a new adaptive exponentially weighted moving average (AEWMA) chart for monitoring the joint shifts in the location and scale parameters of the two‐parameter exponential distribution, namely the AEWMA‐II chart. A key feature of the proposed chart is its straightforward post‐signal diagnostics. The Monte Carlo simulation method is used to compute the steady‐state run‐length profiles of the proposed chart. The run‐length properties include the average run‐length and standard deviation of the run‐length. Through a comprehensive run‐length comparison, it is found that the AEWMA‐II chart performs better than the existing AEWMA chart. Moreover, with post‐signal diagnostics, the proposed chart also surpasses the existing chart. Finally, a real dataset is applied to illustrate the excellent performance and practical application of the proposed chart.