Statistical process control and forecasting

Explores the relationships between statistical process control (SPC) and forecasting procedures. While both procedures are often applied and used in different contexts, a careful analysis shows that they go through the same stages that culminate in process or forecast monitoring. This apparent similarity of SPC and forecasting enables a general framework to be established for model‐based SPC. Discusses some forecasting procedures applicable to SPC and underlines the importance of SPC concepts in forecasting.