Final answer:
The acceptance sampling plan that rates quality in terms of the percentage of acceptance of lots at given quality levels is called the Acceptance Sampling Plan. This plan involves randomly selecting a sample from a lot of items and inspecting the sample to determine whether it meets certain quality requirements.
Step-by-step explanation:
The acceptance sampling plan that rates quality in terms of the percentage of acceptance of lots at given quality levels is called the Acceptance Sampling Plan. This plan involves randomly selecting a sample from a lot of items and inspecting the sample to determine whether it meets certain quality requirements.
For example, let's say a company produces a batch of 1000 items. They might decide to randomly select a sample of 100 items and inspect them. If the number of defective items in the sample is below a certain threshold, such as 5%, the entire batch is accepted. If the number of defective items exceeds the threshold, the batch is rejected.
Acceptance sampling plans are commonly used in manufacturing industries to ensure that the quality of products meets specified standards.