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Supply Chain Performance Measurement

A supply chain is defined as the sequence of processes involved in the production and distribution of a commodity. But what is involved in the management and performance measurement of a supply chain? First, what is supply chain management? For that we turn to a video from Wisc-Online, a repository of free high-quality educational learning [...]

The Delphi Method: Uses, Do’s, and Don’ts

Do you have a problem where you need a group of “experts” to reach a consensus, where consensus means a pre-study defined level of agreement? The Delphi Method is one such group technique. But what is it? When should it be used? How is it done? What are some advantages and disadvantages? In order to [...]

2020-07-04T17:37:20+00:00 By |Tags: , , |0 Comments

Dealing with Missing Data

Sooner or later you will encounter missing data in your analyses. Should you ignore it? Should you include it? What is the best way to deal with missing data? In a series of three excellent videos, Rirvik Kharkar, former software engineer and data analyst and currently a master’s student in statistics at UCLA, discusses ways [...]

Lean Assembly Cell Design – 10 Rules

In a video from WorkSmart Systems, learn the 10 rules for assembly cell design based on over 25 years of experience at the time of the video. As you will see, these rules incorporate steps to minimize the 8 wastes. Keep it Moving One-piece flow with minimum effort Balance production and have limited work in [...]

Statistical Tolerance Intervals: Definition, Use, and Calculation

In this blog, we will see how statistical tolerance intervals can be applied to infer the proportion of individual products within a population. We take a representative sample from a population, compute sample statistics, and make an inference about a population parameter. The most familiar sample statistic is the sample mean. That is used to [...]

Key Performance Indicator (KPI) Mistakes

Bernard Marr, recognized by LinkedIn as one of the top five business influencers in the world, discusses the top 10 mistakes companies make regarding KPIs. According to Bernard, KPIs should be the key source of information as to how a business is delivering its strategy. Here are the 10 KPI mistakes Bernard covers in his [...]

Cluster Analysis: K-Means and Hierarchical

Cluster analysis is an extremely important set of techniques to determine groups with similar characteristics. Often cluster analysis is used to determine similar groups for marketing products. This is called market segmentation. In this excellent video, Luis Serrano, Quantum Artificial Intelligence Research Scientist, introduces the two of the most common methods for splitting data into [...]

Top 10 Mistakes in Data Management

With today’s myriad ways for generating huge amounts of data, organizations need more than ever to have a data management plan. Jared Hillam, VP of Emerging Technologies at INTRICITY, discusses the top ten mistakes made in data management. Here is his list. Flaky Data Management Plan No strategy in place for managing data Tools Used [...]