Definition
Acceptance sampling is a statistical quality control technique used to inspect a random sample of products or materials from a larger batch or population to determine whether the entire batch meets specified quality standards or acceptance criteria. Acceptance sampling plans define sample sizes, acceptance levels, and inspection criteria based on statistical principles to ensure product quality while minimizing inspection costs and time.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.