ERISA Act – The Government Mandated Stock Market Crash
America is sitting on a demographic time bomb. Their economy boomed thanks to the “baby boomers” that brought prosperity to the nation. However, they have got old and now is the time for them to retire and be replaced by a younger generation. The problem is that the number of people retiring is far more […]
How to Draw a Scatter Plot
When scatter plots were discovered, drawing them was a complex task. It often required the use of statisticians and scientists. In the more recent past most of the drawing has been automated. However there is still a large amount of human involvement as well as human judgement which is required. The steps are mapped as […]
Economics of Mobile Phones in Africa
In the developed world, mobile phones are something that we take for granted. The biggest purpose of a cell phone is to entertain its owner. Cell phones are used by people to connect with their loved ones, play games and log on to the social media. This is the reason why people in developed countries […]
The Instex Payment System
Leaders all over the world are upset with America’s hegemonic behaviour. In the past two years, Trump’s policies have caused uncalled for damage to the economies of many countries. This has been done by unnecessary trade wars and sanctions. Iran is one such country which is facing American sanctions. The opinion of the European leaders […]
Inventory Turnover As Indicator of Health of Inventory and Business
Inventory management as well as Supply chain operations are often overlapping and hold the key to the success of sales operations. In all of the businesses be in automobile, manufacturing, pharma or retail industry, status of inventory reflects the health of the business. Inventory operations have two key elements namely Inventory System and Physical operations. […]
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:
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Steps Involved in Conducting a Measurement System Analysis
February 12, 2025
