Examlex
The auditor's determination that day's sales in accounts receivable increased from 44 days to 100 days would usually be found through the use of ratio analysis.
Control Limits
Control Limits are statistical boundaries set within control charts that represent the acceptable range of variations in a process.
Specification Limits
Specification limits are the defined boundaries of acceptability for the values of a product or process measurements, beyond which quality control actions must be taken.
Control Chart
Control Chart is a statistical tool used in quality control to monitor, control, and improve the process performance by tracking data variability and highlighting anomalies.
Center Line
The middle line in a control chart representing the average or median of the data being monitored.
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