How to Interpret the Mean & Standard Deviation on a Control Chart. The extent to which products meet specifications needs to be systematically monitored in a production process.

When you have the average production of three machines, it is easy to calculate the average or mean production. You just add ...

MR chart is a control chart used for process stability. It relies on continuous data. They only provide a single view ...

The Standard Deviation is a term used in statistics. The term describes how much the numbers if a set of data vary from the mean. The syntax to calculate the Standard Deviation is as follows: ...

Standard deviation and variance are both ways of measuring how closely a set of data points are clustered around their mean, or average. The larger the variance/standard deviation, the more widely ...

The company tells you the average (mean) monthly income is $5,000, and the standard deviation is $1,000. But what does that actually mean for your bank account?