Setting Alpha Equal to 5 Percent

question 1

Multiple Choice

Setting alpha equal to 5 percent

• A)means that five percent of all items are defective
• B)means that five percent of all samples will fail testing
• C)is required by OM Tools
• D)means that when a batch is better than AQL,there is a five percent chance it will fail testing

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Definitions:

Evaluation Criteria

Evaluation criteria are standards or benchmarks used to assess the quality, value, performance, or suitability of something or someone.

Trust Account

A bank account in which one party (the trustee) such as an attorney, holds funds belonging to another person (such as a client), a bank account into which funds advanced to a law firm by a client are deposited. Also called an escrow account.

Escrow Account

A financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction.

Advanced Funds

Money paid or received before a transaction or event has occurred, often as part of an agreement or to cover initial costs.