Examlex
Briefly describe a CVP chart, including its major components.
Statistical Process Control
A method used to monitor, control, and ensure the quality of processes by using statistical methods.
Type II Error
A statistical error that occurs when a hypothesis test fails to reject a false null hypothesis, also known as a "false negative."
Standard Deviation
A measure of the dispersion or spread of a set of data from its mean value.
Process Distribution Mean
The average value or central tendency of a distribution for a process' outcomes over a period of time.
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