Suppose a Control Chart Is Constructed So That the Probability

question 8

Essay

Suppose a control chart is constructed so that the probability of a point falling outside the control limits when the process is actually in control is .005.
a. What is the probability that ten successive points (based on independently selected samples) will be within the control limits?
b. What is the probability that 25 successive points will all lie within the control limits?
c. What is the smallest number of successive points plotted for which the probability of observing at least one outside the control limits exceeds .10?

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Definitions:

Product Mix

The range of different products or services offered by a company.

Budgeted Data

Financial forecasts and plans for future periods, outlining expected revenues, costs, and expenses.

Profit After Tax

The net income a company remains with after all expenses, including taxes, have been subtracted from total revenue.

Sales Revenue

The income from sales of goods or services before any costs or expenses are deducted.