(Figure: Low Price Guarantee) What is the outcome in the figure above in the absence of a low price guarantee?
Definitions:
Process Mean
The average or mean value of a set of process measurements, representing its central tendency over time.
Assignable Variation
A variation in a process or product that can be traced to specific causes, as opposed to random or inherent variability.
Defects
Imperfections or errors in a product or process that deviate from desired standards or outcomes.
Standard Deviation
A statistical measure that quantifies the amount of variation or dispersion in a set of data values.
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