Glossary Terms Archive

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 Methodology: Sort, Set in Order, Shine, Standardize, Sustain

5S is a Lean workplace organization method built around five sequential steps, each named for a Japanese word beginning with the sound “S”: Seiri, Seiton, Seiso, Seiketsu, and Shitsuke. In English, these translate to Sort, Set in Order, Shine, Standardize,...

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 – Simple Guide With Examples

A dot plot is a simple chart that shows each data point as a single dot on a number line. It matters because it’s the easiest way to see the shape of a small data set, where the values cluster, where they spread out, and where any outliers sit, without hiding...