Time-weighted control charts combine information from the current and past observations. They are more sensitive to detecting small shifts in the process mean than a Shewhart chart, but slower at detecting large shifts.
The charts only monitor the process mean; monitoring the process variability requires the use of some other technique.
From the Statistical Reference Guide for Analyse-it 6.24.0: https://analyse-it.com/docs/user-guide/process-control/time-weighted-control-chart
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