Statistical Process Control Involves Monitoring and Controlling a Process to Prevent

question 75

True/False

Statistical process control involves monitoring and controlling a process to prevent poor quality.

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Definitions:

NPV Value

Net Present Value, a calculation used in finance to determine the value of a series of future cash flows projected to be received or paid, adjusted for the time value of money.

Probability

A scale from 0 to 1 used to quantify the likelihood of an event's occurrence.

Sensitivity Chart

A graphical method used to display how the uncertainty in the output of a mathematical model or system can be apportioned to different sources of uncertainty in its inputs.

Forecast Cell

A specific value or set of values predicted for a future time point in the context of forecasting models.