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BASIC BUSINESS CENTS: Charts allow business owners to track loss categories and make corrections

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A histogram is, as its name implies, a look at the history of a process. It cannot be used to predict the future as a control chart enables us to do, but it is often useful.

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Let's use as an example the volume of a retail store. Data has been collected on gross sales by day for the previous year and totals $1,000,000. To keep it simple, we will arbitrarily select 10 class sizes in which to group our data.

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