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Describe the cycle view of the processes within a supply chain.
Upper Control Limit
The highest value on a control chart that signals the process is still within acceptable limits before corrective actions are deemed necessary.
Standard Deviation
A metric for gauging the extent of fluctuation or scatter in a sequence of values.
Type II Error
A statistical error that occurs when a researcher fails to reject a false null hypothesis, missing an actual effect.
Type I Error
The error that occurs when a true null hypothesis is incorrectly rejected.
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