When auditing a company, auditors use a combination of professional judgment and statistical sampling methods to estimate account balances. Statistical sampling is an efficient way to design samples, ...

Statistical significance is a critical concept in data analysis and research. In essence, it’s a measure that allows researchers to assess whether the results of an experiment or study are due to ...

Statistical Process Control (SPC) is a type of quality control which uses statistics to monitor and maintain quality. Sampling SPC uses graphical techniques including histograms, scatter plots, and ...