New Findings on Risk Management from G. Decrouez and Co-Authors Summarized (Bias-Corrected Estimation in Continuous Sampling Plans)

By a News Reporter-Staff News Editor at Insurance Weekly News -- Research findings on Risk Management are discussed in a new report. According to news reporting originating in Moscow, Russia, by VerticalNews journalists, research stated, "Continuous sampling plans (CSPs) are algorithms used for monitoring and maintaining the quality of a production line. Although considerable work has been done on the development of CSPs, to our knowledge, there has been no corresponding effort in developing estimators with good statistical properties for data arising from a CSP inspection process."

Financial support for this research came from ARC Discovery Project.

The news reporters obtained a quote from the research, "For example, information about the failure rate of the process will affect the management of the process, both in terms of selecting appropriate CSP parameters to keep the failure rate after inspection at a suitable level, and in terms of policy, for example, whether the process should be completely inspected, or shut down. The motivation for this exercise was developing sampling protocols for Australia's Department of Agriculture and Water Resources for monitoring the biosecurity compliance of incoming goods at international borders. In this study, we show that maximum likelihood estimation of the failure rate under a sampling scheme can be biased depending on when estimation is performed, and we provide explicit expressions for the main contribution of the bias under various CSPs."

According to the news reporters, the research concluded: "We then construct bias-corrected estimators and confidence intervals, and evaluate their performance in a numerical study."

For more information on this research see: Bias-Corrected Estimation in Continuous Sampling Plans. Risk Analysis, 2017;():. (Wiley-Blackwell - www.wiley.com/; Risk Analysis - onlinelibrary.wiley.com/journal/10.1111/(ISSN)1539-6924)

Our news correspondents report that additional information may be obtained by contacting G. Decrouez, National Research University, Higher School of Economics, Moscow, Russia.

Keywords for this news article include: Moscow, Russia, Eurasia, Risk Management.

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