Increasing Exports through Free Trade Zones (FTZ)
Countries have long since realized the importance of furthering their interest by supporting the International Trade and Exports from in house and actively supporting the industries to become globally competitive. Besides this objective, many governments also aim to promote Foreign Direct Investment into the country and encourage Multi National Companies to set shop and manufacture […]
Organizations Gain from Embracing Business Process Improvements
Business in present times is very challenging and dynamic. The nature of markets, life cycle of products and services as well as the Customers and their expectations have changed. So has competition. No business can survive this change unless and until they re-invent themselves and equip themselves to face competition. While some Organizations build their […]
Finished Goods Inventory Classifications and Terminologies
While inventory classification of raw materials for Inventory Management purposes follows ABC Classification, Finished Goods inventory is classified under additional categories based on various attributes including sales volumes/patterns, functional attributes and operational requirements. Stock Category depending upon Sales Channels Finished Goods at the very basic level is manufactured and stocked separately depending upon the Business […]
Data Warehouse, Data Marts and Online Analytical Processing (OLAP)
Introduction One of the critical components in the information technology age is the data. Data is the source of all the information and information is valuable for decision making process. Decision support systems are developed to support executive management and relevant decision makers. In the modern era, there is large volume of information is available. […]
How Not to Put All Eggs in One Basket – De-Risking Strategies for Outsourcers
What is De-Risking ? Outsourcing is a process that involves selection of vendors who would then do the necessary work for their clients regarding handling such work that the clients deem can be done by Third Party Vendors. What this means is that the clients first narrow down the list of outsourcers that can be […]
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
