Please register (it's free!) or login to view the remaining 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 (includes cover, transition slides)

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

CUSTOMER TESTIMONIALS

"Flevy is our 'go to' resource for management material, at an affordable cost. The Flevy library is comprehensive and the content deep, and typically provides a great foundation for us to further develop and tailor our own service offer."

– Chris McCann, Founder at Resilient.World

"As a small business owner, the resource material available from FlevyPro has proven to be invaluable. The ability to search for material on demand based our project events and client requirements was great for me and proved very beneficial to my clients. Importantly, being able to easily edit and tailor the material for specific purposes helped us to make presentations, knowledge sharing, and toolkit development, which formed part of the overall program collateral. While FlevyPro contains resource material that any consultancy, project or delivery firm must have, it is an essential part of a small firm or independent consultant's toolbox."

– Michael Duff, Managing Director at Change Strategy (UK)

"I have used Flevy services for a number of years and have never, ever been disappointed. As a matter of fact, David and his team continue, time after time, to impress me with their willingness to assist and in the real sense of the word. I have concluded in fact that it is not at all just a repository of documents/resources but, in the way that David and his team manage the firm, it is like dealing with consultants always ready to assist, advise and direct you to what you really need, and they always get it right.

I am an international hospitality accomplished senior executive who has worked and lived during the past 35 years in 23 countries in 5 continents and I can humbly say that I know what customer service is, trust me.

Aside from the great and professional service that Flevy's team provide, their wide variety of material is of utmost great quality, professionally put together and most current.

Well done Flevy, keep up the great work and I look forward to continue working with you in the future and to recommend you to a variety of colleagues around the world."

– Roberto Pelliccia, Senior Executive in International Hospitality

"As a young consulting firm, requests for input from clients vary and it's sometimes impossible to provide expert solutions across a broad spectrum of requirements. That was before I discovered Flevy.com.

Through subscription to this invaluable site of a plethora of topics that are key and crucial to consulting, I have been able to exceed expectations and deliver quality advice and solutions to my clients. The quality and expertise of the authors are exemplary and gives me great confidence to use as part of my service offerings.

I highly recommend this company for any consultant wanting to apply international best practice standards in their service offerings. "

– Nishi Singh, Strategist and MD at NSP Consultants

"FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight – it's like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead."

– Roderick Cameron, Founding Partner at SGFE Ltd

"I have found Flevy to be an amazing resource and library of useful presentations for lean sigma, change management and so many other topics. This has reduced the time I need to spend on preparing for my performance consultation. The library is easily accessible and updates are regularly provided. A wealth of great information."

– Cynthia Howard RN, PhD, Executive Coach at Ei Leadership

"I like your product. I'm frequently designing PowerPoint presentations for my company and your product has given me so many great ideas on the use of charts, layouts, tools, and frameworks. I really think the templates are a valuable asset to the job."

– Roberto Fuentes Martinez, Manager at Technology Transformation Advisory

"As a consultant requiring up to date and professional material that will be of value and use to my clients, I find Flevy a very reliable resource.

The variety and quality of material available through Flevy offers a very useful and commanding source for information. Using Flevy saves me time, enhances my expertise and ends up being a good decision."

– Dennis Gershowitz, Principal at DG Associates

"As a consulting firm, we had been creating subject matter training materials for our people and found the excellent materials on Flevy, which saved us 100's of hours of re-creating what already exists on the Flevy materials we purchased."

– Michael Evans, Managing Director at Newport LLC

"The wide selection of frameworks is very useful to me as an independent consultant. In fact, it rivals what I had at my disposal at Big 4 Consulting firms in terms of efficacy and organization."

– Julia T., Consulting Firm Owner (Former Manager at Deloitte and Capgemini)

SELECT CUSTOMERS

Since 2012, we have provided best practices to over 5,000 businesses and organizations of all sizes across the world—in over 130 countries. Below is just a very small sample of our customer base.

Did you know?

The average daily rate of a McKinsey consultant is $6,625 (not including expenses). The average price of a Flevy document is $65.

CUSTOMERS ALSO BOUGHT THESE DOCUMENTS

Cost Reduction Opportunities (across Value Chain) 24-slide PowerPoint deck $39.00 Author: LearnPPT Cost Reduction Assessment Value Chain Analysis	Complete Business Frameworks Reference Guide 407-slide PowerPoint deck $199.00 Author: LearnPPT Strategy Frameworks Consulting Frameworks Consulting Training	Organization Design Toolkit 102-slide PowerPoint deck and supporting Excel workbook $79.00 Author: Corporate Finance 101 Organizational Design	Post Acquisition Integration Strategy (Post Merger Integration - PMI) 79-page PDF document $89.99 Author: Documents & Files PMI (Post-merger Integration)
Design Thinking 249-slide PowerPoint deck $89.00 Author: Operational Excellence Consulting Innovation Management Customer Experience Ideation	How to Build a Target Operating Model (TOM) 35-slide PowerPoint deck $49.00 Author: R Bradley Consulting Target Operating Model	Change Management 105-slide PowerPoint deck and supporting PDF $79.00 Author: Operational Excellence Consulting Change Management	Key Account Management 101 - Best Practices 47-slide PowerPoint deck $69.00 Author: P-Square Partners Sales Account Management
IT Governance Framework 23-slide PowerPoint deck $49.00 Author: preetyg1 Governance	ITIL 4 Foundation Training Materials 278-slide PowerPoint deck $39.00 Author: Samir Faraj ITIL	Process Mapping Series: Procure to Pay 13-slide PowerPoint deck and supporting Excel workbook $20.00 Author: BusinessRules Process Mapping	Lean Six Sigma - Bundle of 50 Tools & Templates 32-page PDF document and supporting ZIP $179.00 Author: QMaxima Inc. - Simplifying Excellence Lean Management/Enterprise Six Sigma Project