David A. Panek has 18 years of experience in cost engineering. He has expertise in tolerance analysis, Monte Carlo techniques, cost estimation, and neural costing. The document discusses different methods for tolerance analysis including worst case, statistical, and six sigma approaches. It also defines terms related to process variation and discusses measures of process capability like Cp and Cpk. Guidelines are provided for designing optimized tolerances through establishing process standard deviation and computing probabilities to achieve tight assembly gaps.