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Many of you will have heard of Six Sigma management. What you may not realize is that the etymology of the term Six Sigma is rooted in statistics. As you should have seen by now in your textbook, statisticians use the Greek letter sigma (σ) to denote a standard deviation. So when these Six Sigma people start talking about “six sigma processes,” what they mean is that they want to have processes where there are (at least) six standard deviations between the mean and what would be determined to be a failure. For example, you may be examining the output of a factory that makes airline grade aluminium. The average tensile strength of each piece is 65 ksi, and you view a particular output as a failure if the tensile strength is anything less than 64 ksi. If the standard deviation is less than .166, then the process is six sigma. The odds of a failure within a six sigma process are 3.4 in a million, which corresponds to the 99.9997% confidence level. When we are doing statistics, we usually use the 95% confidence level, which is roughly 2 sigmas. In the case of the tensile strength of airline grade aluminium, 6 sigmas is probably a good level to be at—catastrophic failure on an airplane could open you up to lawsuits worth billions of dollars. But there are some other processes that you probably don’t need to be so certain about getting acceptable products from. Give some examples from your own business life of random processes that are likely to be normally distributed, and say how many sigmas you think the process should be at.
One of the competitive strategies to consider is whether to be a "first-mover," "first-follower," or "slow-mover." Search for and select two companies that have embraced one of these three strategies for the entire company, a product line, or individ..
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When will risk of loss pass from seller to buyer under each of subsequent contracts, assuming parties have not expressly agreed on when risk of loss would pass.
Things That Are Not Included In Flow Chart
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Given the definitions of throughput, inventory, operating expense and bottleneck as discussed in The Goal, define throughput, inventory, and operating expense in the context of an organization (work, social, or religious) of which you are a member. I..
Research the library, and provide at least 1 example of how a real company has used each of the following multivariate techniques: factor analysis, multidimensional scaling, and cluster analysis.
employee morale is an essential component of a high-performing organization. employees who are not happy with the work
a. How many cushions should Tammi buy if sales are lost when see runs out of stock during the week?
the process that a business takes in developing a strategy is one of the single most important tasks that a business
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In a political system that values religious freedom, how can radical religious extremism be mitigated? Explain your ideas.
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