A credit card company deals with many hundreds of thousands of transactions every week. One of its measures of the quality of service it gives its customers is the dependability with which it mails customers’ monthly accounts. The quality standard it sets itself is that accounts should be mailed within two days of the ‘nominal post date’ which is specified to the customer. Every week the company samples 1,000 customer accounts and records the percentage which was not mailed within the standard time. When the process is working normally, only 2 per cent of accounts are mailed outside the specified period, that is, 2 per cent are ‘defective’ Required: Find the control limits and interpret the process conformance.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.