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 ...

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 ...

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 ...

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 ...

Many types of control charts have an ability to detect process changes that can weaken over time depending on the past data observed. This is often referred to as the "inertia problem." We propose a ...

Quality control is a methodology employed in manufacturing to prevent defects in manufactured products. Abbreviated as QC, the method has been implemented in a number of ways each of which has its own ...