Lean identifies 8 deadly types of wastes which can be remembered as acronym “DOWNTIME” which are first letter of each of these 8 waste:
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Sampling and Types of Sampling
Sampling is a statistical technique that allows statistician, researchers to infer about a population based on results generated from Sample
Read MoreDMAIC Six Sigma Methodology
DMAIC Six sigma is the process improvement methodology which stands for Define, Measure, Analyze, Improve and Control)
Read MoreWhat is Statistics | Statistics Meaning
Statistics come from word “Statista” which is an Italian word which means any statement It came in to picture somewhere in 1660.
Read MoreWhat is BCG Matrix in Strategic Management
BCG Matrix also known as Boston Consulting group’s matrix is also known as growth-share matrix is a planning tool that plots a company’s offerings in a four-square matrix (Stars, Cash Cows, Question
Read MoreNetwork Diagram in Project Management
Network diagram usually shows a graphical association between different tasks and is used to develop a project schedule and determine the critical paths.
Read MoreConfidence Interval
Confidence interval is the range of estimate we are making. Say for e.g we are 95 % confident that True mean will lie between 40 and 60
Read MoreWhat is Value Add vs. Non-Value Add Activities ?
Value can simply be defined as something a customer is willing to pay. Lets under difference between Value Add vs Non Value Add.
Read MoreRACI Matrix or RACI Chart
What is a RACI matrix? RACI matrix is a simple, effective way to define and document project roles and responsibilities.
Read MoreHow to Calculate Rolled Throughput Yield ?
Yield is percentage non-defective items of all the produced items. Rolled Throughput Yield is the product of each
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