An analysis of variance is a statistical method for comparing the effect of the levels of a single factor or multiple factors on a response variable. Use: Suppose you work …

Discrete data are only a finite number of values possible or if there is a space on the number line between two possible values. For example, it’s impossible to roll …

The balanced scorecard is a management technique used to align enterprise activities to the Key Business Objectives (KBO) of the organization. Use: The balanced scorecard measures performance in the following …

To be bell-shaped with a distribution means that most of the values are in the center, and fewer and fewer values tail out to either side symmetrically. Use:  If you …

Quite often we need to measure two characteristics on each sampled item. When this is the case – when we collect two pieces of information (measuring two variables) on each …

For the binomial experiment, you need to have four things. A fixed number of trials. The number of trials need to be independent The probability of success on every trial …

Binomial data are based on the existence of only two mutually-exclusive outcomes (or categories). These two outcomes are commonly referred to in statistics as successes and failures. In industry applications, …

Business Process Management (BPM) is more of a holistic management approach (as compared to Six Sigma) focusing on aligning all aspects of an organization with the wants and needs of …

A box and whiskers plot is a graphical tool of exploratory data analysis that allows the comparison of groups by constructing a graph around five measures for each group: (1) …

While brainstorming is a widely accepted technique in the business world, it’s absolutely crucial when using Lean Six Sigma. Project team leaders with expertise in how to apply Lean Six …