Check out ALL our 75+ Free Giveaways of 2017. These are all exclusive promotions we ran on LinkedIn through 2017.
  This is a partial preview. Full document is 36 slides. View large preview.
If you are logged in, your referral link [?] is automatically included below.
EMBED CODE (Copy and Paste)


DOCUMENT DESCRIPTION

?Why is statistics used in Process Improvement?? Is statistics really necessary or is it a way of keeping the masses confused about something that is mostly smoke and mirrors but is touted as a panacea? Are the training programs that downplay statistics . . . bad? These are great questions. In my training sessions I always ask ?who has previously taken a stats course?? With hands still in the air, I then ask, ?how many people liked the course?? Occasionally a few hands remain up, but often they are all down. The mere mention of stats usually sends students running for the door. Well not literally . . . but looks of disdain are all too common. In any case, most process improvement professionals do not look forward to the stats part of training. And I can understand why . . . the collective academic establishment doesn?t do a good job of making stats a valued analytical tool. Stats courses are relegated to rote learning about obscure concepts with little real life application. But it doesn?t have to be that way. With appropriately designed content, a competent and passionate teacher, stats can be fun . . . engaging even. So back to the original question, ?Why is statistics used in Process Improvement?? The answer I believe is . . . to manage risk.

In any sort of data analysis where statistics are used (Mean, Range, Min, Max, etc.) we are not only summarizing the data and their attributes, but also building models to better understand the data. Take for example the mean. Perhaps the simplest of all statistics, the mean is also the simplest of models. It is, as we know, a representation of the central tendency of the data, but may not represent any of the actual data points. It serves a useful purpose but comes with risk.

At the other end of the model spectrum you might find, Regression, DOE or MANOVA, etc. These models are relatively sophisticated and are capable of telling us much about our data and processes. Their sophistication doesn?t, however, eliminate the possibility of drawing the wrong conclusions. They too come with risk . . . but it can be managed.

And this is the more general point of statistics and statistical models in process improvement ? they allow us to manage and quantify the risks associated with incomplete information, and incomplete information is often the norm. So while it isn?t a perfect solution, it certainly has proven itself as a valuable, cost effective analysis tool.

In some respects, statistics is like the peep hole in your front door. It gives you a limited view to the other side, but the view is usually sufficient to make a decision (e.g. open the door). There are risks associated with this limited view, but in most cases, good decisions are possible and the alternatives are not very attractive.

The objectives of this module are to: understand why hypothesis testing is used, understand the general concept of comparing a test statistic vs. an acceptable risk value, understand the role p-value takes in the decision process, understand how hypothesis testing relates to practical problems and solutions and understand alpha and beta risks as they relate to hypothesis testing.

This material is suitable for independent study or formal classroom training and includes a list of tools and quiz questions.

Got a question about the product? Email us at [email protected] or ask the author directly by using the form to the right. If you cannot view the preview above this document description, go here to view the large preview instead.

Source: 052_Introduction to Hypothesis Testing PowerPoint document

 

052_Introduction to Hypothesis Testing

Sold by Michael Carter (this author has 96 documents)

$24.99

ALL FEES INCLUDED
Add to Cart
  

This business document is categorized under the function(s): Operations   Organization, Change, & HR  

It applies to All Industries.

File Type: PowerPoint (ppt)

File Size: 1.1 MB

Number of Slides: 36

Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.

This product contains a supplemental XLSX document.

Initial upload date (first version): Jan 24, 2015

Ask the Author a Question

Must be logged in Click here to log in

Report

SELECT CUSTOMERS

Flevy has provided quality business documents to businesses and organizations of all sizes across the world—in over 60 countries. Below is just a very small sample of our customer base.

VIEW BY


Are you a business professional?
Join Flevy and sell your business documents.

Just as the mobile apps market has helped software developers earn sustainable, passive income, we hope Flevy will do the same for business professionals, like yourself. There's no reason to let your IP collect dust when it can be making you perpetual income.


CUSTOMERS ALSO BOUGHT THESE DOCUMENTS

5S Implementation Guidebook: 8 Steps of 5S Implementation
Listed under:  Operations  Organization, Change, & HR
View more from: Operational Excellence Consulting   Top Flevy Author [?]
162-slide PowerPoint deck. The 5S Implementation Guidebook explains the 5S concept in a simplified, step-by-step format so as to serve as a quick 5S implementation reference. This guidebook provides you with practical guidelines on how to implement 5S in your [read more]
$69.00

Add to Cart View Details

Complete Business Frameworks Reference Guide
Listed under:  Organization, Change, & HR  Strategy, Marketing, & Sales
View more from: LearnPPT   Top Flevy Author [?]
388-slide PowerPoint deck. This is a very comprehensive document with over 350+ slides--covering 56 common management consulting frameworks and methodologies (listed below in alphabetical order). A detailed summary is provided for each business framework. [read more]
$199.00

Add to Cart View Details

Strategy Planning and Deployment Process
Listed under:  Operations  Strategy, Marketing, & Sales
View more from: Operational Excellence Consulting LLC   Top Flevy Author [?]
100-slide PowerPoint deck and supporting Excel workbook. Our Strategy Planning and Deployment Process, using Strategy Maps and Hoshin Kanri, provides an organization with simple and effective methods and tools to develop, communicate and align its business objectives, strategic initiatives, [read more]
$44.50

Add to Cart View Details

5S Audit Checklist for Manufacturing
Listed under:  Operations  Organization, Change, & HR
View more from: Operational Excellence Consulting   Top Flevy Author [?]
28-slide PowerPoint deck and supporting Excel workbook. This is a 5S audit checklist for manufacturing companies. There are a total of 25 evaluation criteria spanning the 5S principles. Each criteria is evaluated against a five-point scale: 4 points = No deviations 3 points = 1-2 [read more]
$39.00

Add to Cart View Details

Customer Experience Strategy - Template and Guide
Listed under:  Operations  Strategy, Marketing, & Sales
View more from: CustCore Consulting
56-slide PowerPoint deck. Customer Experience is fast becoming the key business battleground in many markets. In order to be successful it is critical that all business create a Customer Experience Strategy, an all encompassing view of how they will deliver [read more]
$65.00

Add to Cart View Details

Visual Management
Listed under:  Operations  Organization, Change, & HR
View more from: Operational Excellence Consulting   Top Flevy Author [?]
143-slide PowerPoint deck. Visual management is an integral part of a Lean management system. Visual management uses displays, metrics and controls to help establish and maintain continuous flow, and giving everyone a view of the work along the value stream. It [read more]
$59.00

Add to Cart View Details

ISO 45001:2018 (OH&S) Awareness Training
Listed under:  Operations  Health & Safety
View more from: Operational Excellence Consulting   Top Flevy Author [?]
55-slide PowerPoint deck. ISO 45001:2018 is the world's first occupational health and safety (OH&S) international standard. This new standard replaces the old OHSAS 18001:2007. ISO 45001 helps your organization provide a safe and healthy workplace for [read more]
$59.00

Add to Cart View Details

ISO 14001:2015 (EMS) Awareness Training
Listed under:  Operations  Organization, Change, & HR
View more from: Operational Excellence Consulting   Top Flevy Author [?]
63-slide PowerPoint deck. ISO 14001:2015 is a global environmental management system (EMS) which is adopted by thousands of companies all over the world. The intent of ISO 14001:2015 is to provide a framework for a holistic, strategic approach to an [read more]
$59.00

Add to Cart View Details

The McKinsey 7-S Framework
59-slide PowerPoint deck. The McKinsey 7-S Framework is a business model developed by Tom Peters and Robert Waterman of McKinsey & Company. Since its introduction, the framework has been widely used by academics and practitioners and remains one of the most popular [read more]
$49.00

Add to Cart View Details

Cost Reduction Methodologies
Listed under:  Operations  Outsourcing
View more from: marcus
33-slide PowerPoint deck. This document discusses various cost reduction methodologies and concepts, including the following: Process Optimization, Strategic Sourcing, Shared Services, Business Process Outsourcing.
$25.00

Add to Cart View Details

What project are you working on?
Supply Chain Analysis?   Critical Success Factors?   Bain Presentations?   Or something else.
Have a look at our holistic Business Toolkits. We have over 250+ toolkits covering a wide range of business topics.