You Stopped a Production Process Because You Felt the Process

question 122

Short Answer

You stopped a production process because you felt the process was out of control according to your control chart.However,it turns out the process was in control,costing you $20,000 in downtime of the equipment and laborers.This is an example of a costly Type____________ error.

---

Definitions:

Real Estate

Property consisting of land and buildings, including the resources and airspace above it, which can be bought, sold, or leased.

Bonds

Financial instruments representing a loan made by an investor to a borrower, typically corporate or governmental, which pay periodic interest payments and return the principal at maturity.

Charitable Organization

An entity established for philanthropic purposes, to promote public benefit without the intention of generating profits for owners or stakeholders.

Eli Lilly

An American pharmaceutical company known for developing a wide range of medications, including treatments for diabetes, cancer, and psychiatric disorders.