Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

The extent to which products meet specifications needs to be systematically monitored in a production process. Product quality will typically be defined by two quantities: deviations from stated ...

As the volume and variety of available data continue to proliferate, organizations increasingly turn to analytics in order to enhance business decision-making and ultimately, performance. However, the ...

This paper establishes a criterion that measures approximately the average net income of a process under surveillance of an X̄ chart when the process is subject to random shifts in the process mean.

Control chart- a time-ordered plot of sample statistics, used to distinguish between random and nonrandom variability Control limits- the dividing lines between random and nonrandom deviations from ...