If the Past Data Approximates a Straight Line, the Equation

question 117

True/False

If the past data approximates a straight line, the equation used is Ŷ = a + bt, where a is the Y-intercept and b is the slope of the line.

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Definitions:

R-chart

A control chart used in statistical quality control for monitoring the range of variation within a sample.

Control Limits

The boundaries set in control charts that indicate the acceptable range of variation in a process.

Sample Size

The number of observations or data points collected from a subset of a larger population for the purpose of statistical analysis.

Standard Deviation

Standard Deviation is a measure of the amount of variation or dispersion of a set of values, indicating how spread out the data points are from the mean.