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Binomial Random Variable

The binomial random variable is simply the probability that a survey or experiment will succeed or fail multiple times. Binomials are a type distribution with two possible outcomes (the bi prefix means two or more). A coin toss...

Fault Tree Analysis (FTA)

Fault Tree Analysis (FTA) is a systematic, top-down method for analyzing the potential causes of system failures or accidents. It starts with a single undesirable event, known as the “top event,” and works downwards to identify all possible causes. This...

5S

Lean 5S Visual Management Training The Lean 5S training tool is a formal method to create and maintain an efficient and visible workplace. It uses 5 steps that start with the letter “S”. The operators can work safely and efficiently by implementing all...

VSM (Value Stream Map)

What is a Value Stream Map? Six Sigma’s Value Stream Map is a lean tool that uses a flowchart to document each step. Value Stream Map symbols and benefits are a valuable tool for lean practitioners in order to reduce waste and increase cycle times. VSM is a...

Dot Plot

What is a Dot Plot and how does it work? The definition of Dot plots, also known as strip plots and dot charts, are simplified histograms used in statistics to analyze small data set. It shows values falling into discrete categories. A dot plot is like a bar...
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