When Data Is Collected for Statistical Quality Control Purposes,it Is

question 27

Multiple Choice

When data is collected for statistical quality control purposes,it is important to record the data,the time the data were collected,the measuring instruments that were used,who collected the data,and any other important information such as lot numbers,machine numbers and the like because ________.

• A)it is required by the Federal Trade Commission
• B)this type of data can be used to justify our job
• C)this will ensure the process is in statistical control
• D)the source of quality problems can be traced more easily

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Definitions:

Savings Deposits

Deposits that earn interest but have no specific maturity date.

Time Deposits

Bank deposits that cannot be withdrawn before a date specified at the time of deposit without incurring penalties.

M1

A category of the money supply that includes all physical money like coins and currency, as well as demand deposits and other liquid assets held by the central bank.

Nonbanking Public

Individuals and businesses that are participants in the financial markets but do not have the authority to accept deposits or provide banking services.