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History for Acceptance Sampling (history as of 07/22/2014 15:12:35)

Acceptance Sampling is a quality control technique used to to determine whether to accept or reject a production lot of material. This decision is usually based on the number of defective products in a given sample. Probability is a key factor in acceptance sampling, but it is not the only factor. If a company makes a million products and tests 10 units with one default, an assumption would be made on probability that 100,000 of the 1,000,000 are defective. However, this could be a grossly inaccurate representation. More reliable conclusions can be made by increasing the batch size higher than 10, and increasing the sample size by doing more than just one test and averaging the results. When done correctly, acceptance sampling is a very effective tool in quality control.

Source: www.investopedia.com
  

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