Examlex
A bias error results from unpredictable factors that cause the forecast to deviate from actual demand.
Standard Errors
Measures of the statistical accuracy of an estimate, indicating the variability of an estimate from sample to sample.
Control Chart
A tool used in statistical quality control to monitor, control, and identify whether a manufacturing or business process is in a state of statistical control.
Control Limits
Control limits are statistical boundaries set in quality control processes to identify when a process is out of control or exhibits unusual variability.
Standard Errors
Estimates of the standard deviation of a sampling distribution, indicating the precision of an estimate.
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