Conducting the Knowledge Transfer
February 12, 2025
Business Process Improvement projects are ideally suited for every business operation, especially to augment the process efficiency, to implement process changes and to take the business operations to the next level and meet with the Business demands and Customer expectations. For any BPI project to be successful, the leadership and the ownership of the Business […]
Empowering Individuals through Knowledge at the Click of a Mouse In the current information age, knowledge is power and whoever has the most knowledge about the world succeeds in the cutthroat world of business and life. Knowledge can be about anything starting with information about pricing and arbitrage and including contracting terms and conditions and […]
Team Member Selection Team member selection is a process that involves mapping of skills and strengths of each individual member with that of the role and the job description for which they are being hired or taken into the team. The process should take into account the perceptions of the team member regarding the role […]
A data collection plan is a detailed document. It describes the exact steps as well as the sequence that needs to be followed in gathering the data for the given Six Sigma project. This document is important because the people that design the data gathering plan are not the same people that will actually be […]
Sweden is not really a country that comes to find when one talks about finance or currency trading. The Swedish Krona is a relatively small and insignificant player in the global market. Trading in Swedish Krona accounts for less than 2% of the global currency trades. However, the Krona is what many call a counter […]
Just like there are many types of discrete data charts available, there are also many types of continuous control charts available. The Six Sigma process methodology prescribes which chart must be used when. The prescription in the case of continuous data points is largely based on sample size.
Below is the list of the different control charts that need to be used for different sample sizes:
Individual Chart: In the case of an individual data chart, each observation is plotted as a separate data point. This means that there is no rational subgrouping of data. This chart must therefore be used when the sample size equals 1.
Moving Range Charts: Unlike the individual data chart, the moving range chart plots the difference between two data consecutive points. The sample size of this type of control chart is therefore 2. Here the rational subgrouping of data points is based on whether they are consecutive. The moving range data charts therefore have one less data point as compared to the individual charts.
X Bar R Chart: The X bar and R chart are used to control a process when the sample size is small and constant. This is because in small sample sizes, the range of the sample approximates the standard deviation, which would be pointless to calculate, given the small size.
The X bar and R Chart are actually two different charts, which need to be looked in tandem to understand the behaviour of a process. The X bar chart shows the average performance of the process. The R chart which plots the difference between the smallest and largest value explains the variability of the process.
X Bar S Chart: The X bar and S charts are used when the sample size used to conduct the study is large and/or variable. As in the case of X bar and R chart, X bar and S charts too have a number of values. The X bar chart ensures that the mean of the process is in control whereas the S chart monitors the standard deviation. When used in tandem, they help monitor the performance of a very large process with relative ease.
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