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A firm has an existing process that it would like to use for producing a part it will sell to an industrial customer.The customer requires that defective (out of specification) parts be kept to 3,000 parts per million (three-tenths of 1 percent) or less.A process capability study done on the process revealed that it has a process capability index (Cpk) of 1.00 for this part.What should the firm conclude from the study?
Variance
A measure of the dispersion or spread of a set of data points, reflecting how much the data points differ from the mean.
Binomial Experiment
A statistical experiment that fits the binomial distribution; characterized by having a fixed number of trials, distinct outcomes (success or failure), independence, and constant probability of success.
Variance
A measure of the dispersion or spread of a set of values, indicating how much they differ from the average of the set.
Sample Size
The number of observations or data points collected in a sample from a population for analysis.
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