Statistical Tools and Data Analysis

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By continually evaluating the collected data as it is generated, and taking action as needed in production runs we can manage our costs more effectively and ramp up production when needed or in anticipation of statistical norms based on forecasts. Performing these quantitative analysis using the various data collected is extremely important and must be done on a regular basis to ensure effective management of the business. Data collected such as the number of refrigerators sold, the number of transformers produced to meet that production level and the amount of transformers produced in a given time can all be analyzed to understand more about the production process in relation to demand, time of year and production levels over all.

The results in the attached spread sheet from the case studies are reliable because due to the type of analysis performed. Supplying the correct data to the statistical tool and then choosing the appropriate analysis generates refined data from which business decisions can be made with confidence.

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References:

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