1. A method comprising: receiving data for a product; fitting the data with a plurality of probability density functions (PDFs); selecting a PDF that best fits the data; generating one or more performance capability parameters for the product based on the best fitting PDF; generating a report that presents at least one of the performance capability parameters; and adjusting statistical control limits for the product based on the data, wherein adjusting statistical control limits comprises: generating a first set of data samples using the selected PDF, calculating new control limits from the first set of data samples, generating a second set of data samples, determining an average run length (ARL) value from the second set of data samples and the new control limits, and comparing the determined ARL value to an acceptable ARL value.