In variables sampling, the numerical magnitude of a characteristic is measured and recorded for each inspected unit; this type of sampling involves reference to a continuous scale of some kind.2) A method of measuring random samples of lots or batches of products against predetermined standards.Acceptable Sampling Plan: In quality management, a specific plan that indicates the sampling sizes and the associated acceptance or non-acceptance criteria to be used.Acceptance Number: In quality management, 1) A number used in acceptance sampling as a cut off at which the lot will be accepted or rejected.For example, managers and executives are accountable for business performance even though they may not actually perform the work.Accounts Payable (A/P): The value of goods and services acquired for which payment has not yet been made.Absorption Costing: In cost management, an approach to inventory valuation in which variable costs and a portion of fixed costs are assigned to each unit of production.The fixed costs are usually allocated to units of output on the basis of direct labor hours, machine hours, or material costs.
ABC System: In cost management, a system that maintains financial and operating data on an organization's resources, activities, drivers, objects and measures.
For example, if x or more units are bad within the sample, the lot will be rejected.
2) The value of the test statistic that divides all possible values into acceptance and rejection regions.
The next grouping, B, represents about 20% of the items and 20% of the dollare volume.
The C-class contains 60 to 70% of the items, and represents about 10 to 30% of the dollar volume.