Final answer:
Control charts can be applied in a bank to monitor loan approval times and in a retail store to track inventory turnover rates, which assists in managing processes effectively.
Step-by-step explanation:
Control charts are used to monitor the stability of processes and detect any out of control conditions. In the context of a bank, control charts could be employed to monitor the loan approval time. This would involve tracking the time taken to approve loans over a period to identify any variation or trends that could signify process issues. Similarly, for a retail store, control charts could be helpful in monitoring the inventory turnover rate, which is a measure of how quickly inventory is sold and replaced over time. By analyzing this data, a retail store can make informed decisions on ordering and stocking to ensure the right balance of supply and demand.