StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Statistics for managers class discussion wk12 - Coursework Example

Cite this document
Summary
Statistical quality control is very important in the production process as it is used to spot defective products and also to reduce chances of errors occurring in the production process. A lapse in quality control for a business can be disastrous as the criteria of inspection…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.2% of users find it useful
Statistics for managers class discussion wk12
Read Text Preview

Extract of sample "Statistics for managers class discussion wk12"

Statistical Quality Control In your own opinion, why is the use of statistical methods so important with respect to the issue of quality control? What are the consequences to a business of a lapse in quality control?Statistical quality control is very important in the production process as it is used to spot defective products and also to reduce chances of errors occurring in the production process. A lapse in quality control for a business can be disastrous as the criteria of inspection will be compromised.

If the criterion is too stringent, then there will arise a situation where acceptable products will be rejected. This is known as type 1 error. On the other hand, if the process is too lenient, then many harmful or defective products will reach the consumer. This is a type 2 error.2. Of the statistical methods discussed this week, which would you employ under which circumstances? Why?Statistical process control is used when we are interested with the effectiveness of a production process. This is because the method uses statistical formulas to predict the suitability of the production process to meet the required standards of consumers.

If the number of defectives is higher than stipulated figure, then the process is considered ineffective. If we are more interested with the likelihood of goods produced meeting the threshold of consumer standards, then acceptance sampling is the best method. It uses sampling methods to predict percentage of defective goods. If the extrapolated results do not reflect the minimum specification of defectives, then the whole batch of goods is rejected.3. In your opinion, what is the importance of acceptance sampling? Explain.It is a faster quality control method.

Acceptance sampling involves rejecting or accepting a whole population of goods based on results obtained from a sample. Inspecting a sample is faster than inspecting several samples or a whole population of goods.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Statistics for managers class discussion wk12 Coursework”, n.d.)
Retrieved from https://studentshare.org/business/1686828-statistics-for-managers-class-discussion-wk12
(Statistics for Managers Class Discussion wk12 Coursework)
https://studentshare.org/business/1686828-statistics-for-managers-class-discussion-wk12.
“Statistics for Managers Class Discussion wk12 Coursework”, n.d. https://studentshare.org/business/1686828-statistics-for-managers-class-discussion-wk12.
  • Cited: 0 times

CHECK THESE SAMPLES OF Statistics for managers class discussion wk12

Cover letter

I will have a bachelor's degree in Applied Statistics and Economics in class 2013 in Pennsylvania University and my GPA of 3.... I am a graduating student at Pennsylvania University with a dual major in Applied statistics (GPA 3.... in Applied statistics and GPA 3....
4 Pages (1000 words) Essay

Building a Successful Career Plan

Bureau of Labor statistics' (BLS) signified that graduates in FCS pursuing profession as nutritionists as well as dietitians are... The essay discusses relevant information essential for building a successful career plan, which might be effective in developing my future career opportunities especially in ‘Family and Consumer Science' (FCS)....
5 Pages (1250 words) Essay

Efficient Market Hypothesis Of Thai Stock Market

Value of Durbin-Watson statistics ranged from 0 to 4.... The paper "Efficient Market Hypothesis of Thai Stock Market" describes what comparison of Thailand stock exchange market with other emerging market provides the opportunity for the degree of Thailand stock exchange market development and its future evolution....
62 Pages (15500 words) Dissertation

Statistics for Managers Class Discussion wk1

statistics for business and economics.... Such information can be used by managers to make knowledgeable decisions.... Such information can be used by managers to make knowledgeable decisions.... This study involves the application of regression analysis to establish statistics in business and economics statistics in business and economics statistics has found extensive application in business....
1 Pages (250 words) Essay

Statistics for Managers Class Discussion wk5

statistics for Business and Economics (12th ed.... Margin of error or statistical accuracy provides a ± in interval estimate in population mean, with a distribution sample of x and p properties for calculating the confidence interval (David R.... Anderson, 2014). ... ... argin of error was used in reporting the employee engagement at… The sample accuracy was reflected on the data weight influence due to sampling error, wording of the questions or survey conducting Margin of Error Margin of error or statistical accuracy provides a ± in interval estimate in population mean, with a distribution sample of x and p properties for calculating the confidence interval (David R....
1 Pages (250 words) Essay

Statistics for managers class discussion wk9

?statistics for business and economics.... Multiple regression model for dunnhumble involved the use of a logistic regression in order to analyze the data that the researchers collected from the customers.... The researchers primarily collected their data from electronic point-of-sale transactions, discount card purchase… Afterward, they conducted a logistic regression analysis that included the lifestyle, preferences, and behavior of customers as the criterion variables....
1 Pages (250 words) Coursework

Mutual Funds Pre and Post Global Financial Crisis

Mutual funds are investment vehicles made up of pools of funds collected from investors for the purpose of making investments in securities such as equity, fixed income, commodities, derivatives and other similar investment instruments.... These funds are managed by a professional… anager who makes investments using the fund's capital in an attempt to produce capital gains and income, and in a manner consistent to the investment objectives stated within the fund's prospectus. ...
26 Pages (6500 words) Essay

Hospitality Industry Career Project

I will devote at least two hours daily in group discussion.... The author of the paper “Hospitality Industry Career Project” states that many prospective restaurant and hotel managers will secure employment in the larger companies to oversee the operations of the establishments....
7 Pages (1750 words) Personal Statement
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us