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Product Control is a control and support function, responsible for ensuring accurate financial reporting for trading, lending and treasury desks. [ 1 ] [ 2 ] The function is an important risk management element within investment banking , and is also often employed by corporate treasuries , hedge funds , and more recently, crypto trading firms .
Production control is the activity of monitoring and controlling a large physical facility or physically dispersed service. It is a "set of actions and decision taken during production to regulate output and obtain reasonable assurance that the specification will be met."
Quality control (QC) is a process by which entities review the quality of all factors involved in production. ISO 9000 defines quality control as "a part of quality management focused on fulfilling quality requirements". [1] This approach places emphasis on three aspects (enshrined in standards such as ISO 9001): [2] [3]
Product management is the business process of planning, developing, launching, and managing a product or service. It includes the entire lifecycle of a product, from ideation to development to go to market .
Statistical process control (SPC) or statistical quality control (SQC) is the application of statistical methods to monitor and control the quality of a production process. This helps to ensure that the process operates efficiently, producing more specification-conforming products with less waste scrap.
Quality management is focused both on product and service quality and the means to achieve it. Quality management uses quality assurance and control of processes as well as products to achieve more consistent quality. What a customer wants and is willing to pay for it, determines quality.
Industrial process control (IPC) or simply process control is a system used in modern manufacturing which uses the principles of control theory and physical industrial control systems to monitor, control and optimize continuous industrial production processes using control algorithms.
Advanced product quality planning (APQP) is a framework of procedures and techniques used to develop products in industry, particularly in the automotive industry. It differs from Six Sigma in that the goal of Six Sigma is to reduce variation but has similarities to Design for Six Sigma (DFSS).