Describe the Three Criteria Used to Determine If a Control

question 46

Essay

Describe the three criteria used to determine if a control chart indicates a process which is not statistically stable.

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Definitions:

Disposable Income

The amount of money an individual or household has available for spending and saving after taxes have been deducted.

Net Income

The total earnings or profit of a business after subtracting all expenses, taxes, and costs.

Discretionary Income

The amount of an individual's income that is left for spending, investing, or saving after taxes and personal necessities (like food and shelter) are taken care of.

Gross Income

Total earnings received by an individual or company before any deductions such as taxes, expenses, and other contributions.