The term "six sigma" is based on a statistical measure that equates to at most 3.4 errors or defects per million opportunities.

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The statement is true. The term "six sigma" refers to a quality management methodology that strives to reduce the number of defects in a process to an extremely low level, with a maximum of 3.4 errors or defects per million opportunities. This corresponds to a probability of 99.99966% that a process will produce a defect-free outcome.

The Term "Six Sigma" Is Based on a Statistical Measure