Glossary Terms Archive

Profitability Index

Table of contentsWhat Is Profitability Index?The formula for calculating the Profitability Index is:Where can I use it?Related Articles Estimated reading time: 3 minutes What Is Profitability Index? The Profitability Index or PI in bussiness, also known as the Profit...

Wilcoxon Rank-Sum

Table of contentsWhat is the Wilcoxon Rank-Sum Test?Example of Wilcoxon Rank-SumRelated Articles Estimated reading time: 3 minutes What is the Wilcoxon Rank-Sum Test? The Wilcoxon rank-sum test, also known as the Mann-Whitney U test, is a non-parametric statistical...

Total Preventive Maintenance (TPM)

Table of contentsWhat is Total Preventive Maintenance?Total Preventive Maintenance 5 PillarsAutonomous MaintenancePlanned MaintenanceFocused ImprovementTraining and Skill DevelopmentEarly Equipment ManagementTotal Preventive Maintenance 8 PillarsAutonomous Maintenance...

Data Distributions in Six Sigma: Types, How to Identify Them, and Why They Matter

A data distribution describes how values in a dataset are spread across their possible range. It shows which values appear most often, which appear rarely, and whether the pattern is symmetric, skewed, or clustered into multiple groups. In Six Sigma, understanding...

Machine Capability Index (CMK)

The Machine Capability Index (Cmk) is a critical metric in manufacturing. It measures a machine’s short-term ability to produce items within specified tolerances. The metric helps manufacturers ensure their machinery is operating efficiently and producing...