Final answer:
The 'P' in 'p-chart' stands for the proportion of defective items in a process, and the chart is used in statistical quality control to monitor this proportion.
Step-by-step explanation:
The 'P' in "p-chart" refers to the proportion of items in a sample that are defective. A p-chart is a type of control chart used in statistical quality control for monitoring the proportion of defective products or services in a process. It is based on the binomial distribution, as defects are either present or not (success/failure).
To calculate the values plotted in a p-chart, we use the formula p' = x/n, where p' is the estimated proportion of successes in a sample, x is the number of successes, and n is the sample size. The control chart will have this proportion on the vertical axis, with sample groups on the horizontal axis. The p-chart helps in determining the stability of the process by revealing any variations that may indicate problems with quality control.