One of the key tools of process control.
The purpose of a control chart is to characterize how well a process is staying within stable and targeted behavior and alert in a timely manner when it has departed from it.
NIST link on process control tools: http://www.itl.nist.gov/div898/handbook/pmc/section1/pmc12.htm
The NIST pages on Control Charts are here: http://www.itl.nist.gov/div898/handbook/mpc/section2/mpc221.htm
Here is a text on the subject: http://people.irisa.fr/Michele.Basseville/kniga/