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Control charts are one tool used in the analyze phase of the DMAIC process.
Buffet
A meal consisting of various dishes set out on a table or sideboard from which guests can serve themselves.
Profit Opportunities
Situations where individuals or firms can earn a return on investment that is more than the norm, often due to market inefficiencies or information asymmetries.
Opportunity Cost
The cost of choosing one option over another, represented by the benefits that could have been obtained by choosing the alternate option.
Opportunity Cost
Neglecting possible gains from other scenarios by focusing on a singular choice.
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