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Please explain the difference between a sunk cost and an opportunity cost and give an example of each type of cost.
Predetermined Standards
Benchmarks or criteria set in advance against which performance, quality, or other variables can be measured.
Operating Characteristic Curve
A graphical representation of a system's performance, showing the relationship between the acceptance level of a test and the true quality level.
Acceptance Sampling Plan
A statistical quality control method that determines whether to accept or reject a batch of products based on a sample, rather than testing the whole lot.
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