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 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 ...

Sampling is a technique in which samples are drawn at random (without any favor or bias). For this, suitable measures or procedures may be laid down and adopted according to the nature and ...