Statistical process control (SPC) is a method for monitoring and controlling processes to ensure they operate at full potential with minimal waste. Key tools in SPC include control charts for monitoring processes over time to detect abnormal variations. SPC involves understanding processes and specifications, eliminating sources of variation to stabilize processes, and ongoing monitoring using control charts to identify changes needing correction. SPC was pioneered in the 1920s and has been applied to manufacturing and some non-manufacturing processes like software development.