Quality Control Chart

DEFINITION of 'Quality Control Chart'

A graphic that depicts whether sampled products or processes are meeting their intended specifications and, if not, the degree by which they vary from those specifications. Analyzing the pattern of variance depicted by a quality control chart can help determine if defects are occurring randomly or systematically.

BREAKING DOWN 'Quality Control Chart'

Different types of quality control charts, such as X-bar charts, S charts and Np charts are used depending on the type of data that needs to be analyzed. A quality control chart can also be univariate or multivariate, meaning that it can show whether a product or process deviates from one or from more than one desired result.

RELATED TERMS
  1. Total Quality Management - TQM

    The continuous process of reducing or eliminating errors in manufacturing, ...
  2. Quality Control

    A process through which a business seeks to ensure that product ...
  3. Acceptable Quality Level - AQL

    A statistical measurement of the maximum number of defective ...
  4. Quality Management

    The act of overseeing all activities and tasks needed to maintain ...
  5. Six Sigma

    A quality-control program developed in 1986 by Motorola. Initially, ...
  6. Supply Management

    A broad term describing the various acts of identifying, acquiring ...
Related Articles
  1. Fundamental Analysis

    Measuring Company Efficiency

    Three useful indicators for measuring a retail company's efficiency are its inventory turnaround times, its receivables and its collection period.
  2. Fundamental Analysis

    Vital Link: Manufacturing And Economic Recovery

    Manufacturing output is one of the clearest signs that an economy is recovering from a recession.
  3. Markets

    The Amateur Investor's Guide To Analyzing Corporate Efficiency

    Find out how the amateur investor can measure the success of management.
  4. Term

    The History and Purpose of TQM

    Total quality management explores processes to enhance quality and productivity.
  5. Budgeting

    Tools for Finding the Right Loan or Grant for Your Small Business

    Learn more about some of the best tools, resources and organizations available to connect small business owners with business funding opportunities.
  6. Budgeting

    Financial Literacy Tools for Small Business Owners

    Learn more about where you can access some of the best free financial literacy resources and tools available for small business owners.
  7. Economics

    Pinterest:  Bringing the Ca-Ching to the Retail Register

    Pinterest is more than just an online scrapbooking platform. It's a unique form of social media that spreads product awareness and increases retail sales.
  8. Entrepreneurship

    The 3 Best Online Shopping Cart Software Programs for Your Business

    Learn about several of the best and easiest software options available to add an online shopping cart to an existing business website.
  9. Entrepreneurship

    How to Rake in Customers with Social Media

    Think your company doesn't stand to gain anything from social media? Think again. Here are some tips on how to best to reach out to customers online.
  10. Entrepreneurship

    How to Write an Effective Job Description to Attract the Right People

    Learn tips and advice for employers on how to write a job posting and what to include in the posting to attract the best candidate for the job.
RELATED FAQS
  1. What is the difference between a Debit Order and a Standard Order in a bank reconciliation?

    While both debit orders and standard orders represent recurring transactions that must be considered in bank reconciliations, ... Read Full Answer >>
  2. How can a company execute a tax-free spin-off?

    The two commonly used methods for doing a tax-free spinoff are either to distribute shares of the spinoff company to existing ... Read Full Answer >>
  3. How often should a small business owner go through a bank reconciliation process?

    Small business owners should go through the bank reconciliation process at least monthly, and many business consultants recommend ... Read Full Answer >>
  4. How is the marginal cost of production used to find an optimum production level?

    The marginal cost of production can be tracked to show the optimal production level where per-unit production cost is lowest ... Read Full Answer >>
  5. How do companies with a large product portfolio use BCG Analysis?

    BCG analysis is used to evaluate an organization's product portfolio in sales planning and marketing. It is specifically ... Read Full Answer >>
  6. What are the typical ratios for a reverse stock split?

    Common share swap ratios used in a reverse stock split are two-to-one, 10-to-one, 50-to-one and 100-to-one. There is no set ... Read Full Answer >>
Hot Definitions
  1. Harry Potter Stock Index

    A collection of stocks from companies related to the "Harry Potter" series franchise. Created by StockPickr, this index seeks ...
  2. Liquidation Margin

    Liquidation margin refers to the value of all of the equity positions in a margin account. If an investor or trader holds ...
  3. Black Swan

    An event or occurrence that deviates beyond what is normally expected of a situation and that would be extremely difficult ...
  4. Inverted Yield Curve

    An interest rate environment in which long-term debt instruments have a lower yield than short-term debt instruments of the ...
  5. Socially Responsible Investment - SRI

    An investment that is considered socially responsible because of the nature of the business the company conducts. Common ...
Trading Center