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Voice of the Business (VOB)

Voice of Business represents a critical strategic framework that captures, analyzes, and leverages internal organizational insights to drive sustainable growth and competitive advantage. Unlike external feedback mechanisms, VOB focuses on harnessing the collective...

Value-Added

The Lean Six Sigma value-added is a crucial part of lean thinking. It can be defined in many different ways depending on the context. Lean thinking is about defining the value proposition of the product or service to the customer. Value can only be relevant at a...

Type II Error

In statistical hypothesis testing, a type II error is the non-rejection of a false null hypothesis (also known as a “false negative” finding or conclusion). Much of statistical theory revolves around the minimization of one or both of these errors, though...

Type I Error

Type I errors play a significant role in statistical hypothesis testing. It occurs when researchers mistakenly reject a null hypothesis that is actually true. Understanding Type I errors is crucial in any field that relies on data analysis and hypothesis testing, such...

Treatment

Experimental Treatment Statistics refers to the application of a statistical method to a data set in order to derive meaning. You can either use descriptive statistics to describe the relationship between variables within a population or inferential statistics to test...
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