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

Customer Journey Mapping - Guide & Templates
Listed under:  Operations  Strategy, Marketing, & Sales
View more from: CustCore Consulting
45-slide PowerPoint deck and supporting PowerPoint deck. This Guide will take you through step-by-step detailed instructions to help you create a Customer Journey Map - a visual representation of the experience that customer's have with your organisation, product or service. The step-by-step [read more]
$59.00

Add to Cart View Details

Business Case Development Framework
Listed under:  Operations  Strategy, Marketing, & Sales
View more from: LearnPPT   Top Flevy Author [?]
32-slide PowerPoint deck and supporting Excel workbook. The Business Case is an instrumental tool in both justifying a project (requiring a capital budgeting decision), as well as measuring the project's success. The Business Case model typically takes the form of an Excel spreadsheet [read more]
$49.00

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

Hoshin Kanri Strategy Deployment
Listed under:  Operations  Strategy, Marketing, & Sales
View more from: Operational Excellence Consulting   Top Flevy Author [?]
145-slide PowerPoint deck and supporting Excel workbook. *** Kick Start your Next Fiscal Year with Hoshin Kanri Strategy Deployment! *** Hoshin Kanri process is a powerful strategy deployment methodology for defining long-range key entity objectives. These are breakthrough objectives that [read more]
$59.00

Add to Cart View Details

ISO 27001/27002 Security Audit Questionnaire
Listed under:  Information Technology  Operations
View more from: John Kyriazoglou
Excel workbook. This spreadsheet contains a set of security questions and an evaluation method, which could be used to support your efforts in assessing whether your company complies with the requirements of ISO Security standard ISO 27001/27002. It is [read more]
$50.00

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

Five Stages of Business Growth
Listed under:  Operations  Strategy, Marketing, & Sales
View more from: LearnPPT   Top Flevy Author [?]
25-slide PowerPoint deck. This document introduces a framework for entrepreneurs to use when building and navigating their business from a nascent, startup state to an enterprise with a global footprint. This framework is based on the fact that all businesses [read more]
$39.00

Add to Cart View Details

Complete Guide to Business Strategy Design
Listed under:  Organization, Change, & HR  Strategy, Marketing, & Sales
View more from: STRATICX   Top Flevy Author [?]
51-slide PowerPoint deck. Summary: This document provides a framework to design your business strategy. A key question that every business needs to able to answer is "What is our strategy?" 'Strategy' is part of everyday business language and is [read more]
$99.00

Add to Cart View Details

Quick Response Quality Control Problem Solving Tool
Listed under:  Operations
View more from: Youssef AIT AKKI
37-slide PowerPoint deck and supporting Excel workbook. Dynamic market, very high expectations of quality and necessity of fast reacting are only few of challenges before automotive industry. Speed and adequacy of decisions are two basic elements, which make the organization more competitive, [read more]
$99.00

Add to Cart View Details

Key Account Management 101 - Best Practices
Listed under:  Operations  Strategy, Marketing, & Sales
View more from: P-Square Partners   Top Flevy Author [?]
47-slide PowerPoint deck. This document provides a step-by-step, detailed approach to designing a Key Account Management program, including: - selecting and segmenting key accounts - defining team structure, roles & responsibilities, activities, resource [read more]
$69.00

Add to Cart View Details

What project are you working on?
Project Management?   Supply Chain Analysis?   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.