average run length

Definition

The average number of points plotted within the limits of a control chart when evaluating the process behavior for a business operation (e.g., manufacturing). Basically, this tests the accuracy of business operation over an extended period of time or large number of performance cycles. It is measured until an unexpected condition eventually occurs that falls significantly outside the average run length.

Related Videos




http://www.businessdictionary.com/definition/average-run-length.html

Today's Top Bulls

73% Bullish
(95 Votes)
70% Bullish
(70 Votes)
69% Bullish
(49 Votes)
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z