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Consumer Risk

Let’s begin by discussing what hypothesis testing is. This will be the foundation for our discussion on consumer risk. First, you need to make a statement about population parameters. This is the null hypothesis. It is denoted...

Confidence Level

Most of your process data is not possible to collect. You will therefore take samples. If you used the same sample sampling technique, the confidence level is the percentage of time that repeated instances would be expected to approximate the first sample. A...

Check Sheet

A check sheet is a basic tool that once belonged to the seven tools of six sigma. Software that can record large amounts of data and present it in the format required has made it obsolete. The check sheet was created to be extremely simple. There are two...

Calibration

Calibration is the process of ensuring that a measuring instrument provides accurate and reliable readings by comparing it to a known, higher-accuracy standard. This practice helps determine how closely an instrument’s measurements align with the standard and corrects...

Central Tendency

The Measures and definitions for central tendency allow you to find the middle or average of a data set. The three most commonly used measures of central tendency are the median, mode, and mean. Mode is the most common value. Median is the middle number in an...