An activity that adds value to a product or business process and which customers are willing to pay. Value Added activities are those that convert a product from raw material to a finished product quickly and at minimal cost. It helps businesses to complete a business...

Hypothesis testing definition A statistical hypothesis test is a method of statistical inference used to decide whether the data at hand sufficiently support a particular hypothesis. Statistical hypothesis test: The testing process In statistical literature,...

TAKT Time Definition Takt time, or simply Takt, is a manufacturing term to describe the required product assembly duration that is needed to match the demand. Often confused with cycle time, takt time is a tool used to design work and it measures the average time...

LEAN Definition LEAN is a production method aimed primarily at reducing times within the production system as well as response times from suppliers and to customers. It is derived from Toyota’s 1930 operating model “The Toyota Way” (Toyota Production...

Six Sigma Definition: Six Sigma is a set of techniques and tools for process improvement. It was introduced by American engineer Bill Smith while working at Motorola in 1986. A Six Sigma process is one in which 99.99966% of all opportunities to produce some features...