Statistical process control (SPC) involves using statistical methods to monitor and control processes to ensure they operate optimally and produce conforming products. SPC was pioneered in the 1920s and involves understanding process variation, identifying sources of variation through tools like control charts, and eliminating sources of unacceptable variation. Control charts graph process data over time to distinguish common from special causes of variation and identify when a process is stable or needs correction. Process capability analysis determines if a process can meet specifications under natural variation. The goal of SPC is to reduce waste and costs through early problem detection and prevention.