Examlex
Why is the book value of equipment irrelevant when considering the replacement of equipment?
3-sigma Range Chart
A statistical chart used in quality control that illustrates the variation of a process within three standard deviations (3-sigma) from the mean, identifying outliers.
Average Range
In statistics, it is the mean difference between the largest and smallest values in a set of data, used as a measure of statistical dispersion.
3-sigma Control Limits
Statistical boundaries set at three standard deviations from the mean in a control chart, used to determine the variability of a process and identify potential outliers or trends.
Standard Deviation
A measure of the amount of variation or dispersion of a set of values.
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