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As Tighter Control Limits Are Instituted for the Tracking Signal,there

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As tighter control limits are instituted for the tracking signal,there is a greater probability of finding exceptions that require no action,but it also means catching changes in demand earlier.


Definitions:

Standard Error

The standard deviation of the sampling distribution of a statistic, commonly used to measure the accuracy of a sample mean.

Population Standard Deviation

A measure of the dispersion of a set of values in a population, reflecting how much the values differ from the mean of the population.

Sample Size

The number of observations or data points collected from a population for use in a statistical analysis.

Effect Size Formula

A calculation used to describe the strength of the relationship between two variables.

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