Causes of Measurement Variation
February 12, 2025
Cash management module provides information relating to cash flow of the organization, by processing and analyzing all cash and bank transactions, arising out of payment of supplier’s invoices, receipt from sales invoices, stand alone payment and unallocated payment/receipts. Cash management module also allows analyzing financial transactions for a given period of time and provides information […]
Much is being said and written about the emerging digital economy with all its promise of techno-utopia and the perils of technology taking control of our lives. Indeed, while some experts have cautioned against surmising that technology would solve all the problems of humankind and lead us into a future of abundance, the mainstream view […]
The list derived from the detailed process map needs to be shortlisted. This can be done in multiple ways. The different tools that are commonly used in six sigma projects to meet the purpose have been written down. They are as follows: Cause Effect Matrix: The cause and effect matrix takes the list of inputs […]
The Global Race between American and Chinese Firms There is an intense and uber competitive race going on between American and Chinese firms for profitability and indeed, sheer survival. Ever since the Global Financial Crisis of 2008 hit the world economy, transnational firms have seen their profits dip, and indeed, some of them had to […]
China has surprised the global gaming community by starting a full-fledged crackdown on the gaming industry. The Chinese government has not been the first one to try and restrict online gaming. For instance, in 2011, the government of Korea created a regulation which prohibited minors under the age of 16 from playing online games between […]
Converting Data to Information: The goal of a six sigma project is not to produce an overwhelming amount of data that ends up intimidating the concerned people. The goal is to find out as much data as possible and convert it into meaningful information that can be used by the concerned personnel to make meaningful decisions about the process. However for that one needs to learn how to statistically deal with huge amounts of data.
Data primarily needs to be understood for its two characteristics viz central tendency and dispersion. Data tends to be centred around a point known as average. The degree to which it is spread out from that point is also important because it has an important bearing on the probability. It is for this reason that we use the following characteristics to make sense of the data involved:
Measures of Central Tendency: Different types of data need different measures of central tendency. Some of the important measures, commonly used are as follows:
Measures of Dispersion: The degree of spread determines the probability and the level of confidence that one can have on the results obtained from the measures of central tendency. Common measures of dispersion are as follows:
Your email address will not be published. Required fields are marked *