Steps of the Analyze Phase Right Ans - 1. Conduct Process Analysis
2. Conduct Data Analysis
3. Brainstorm Root Causes
4. Develop Root Cause Hypothesis
5. Validate Root Cause Hypothesis
Rework Loop Right Ans - A situation where a step in a process is repeated
in order to correct a defect; also known as backtracking.
Redundancies Right Ans - When the same steps are done more than once in
a process.
Bottlenecks Right Ans - Process design flaws. Place where a process is
limited in the amount of volume it can handle.
Handoffs Right Ans - Transfer of the product or responsibility from one
individual or section to another.
Value Analysis Right Ans - a systematic appraisal of the design, quality, and
performance of a process. Does it add value to the customer?
1. Value-Adding (VA)
2. Non-Value-Added (NVA)
3. Non-Value-Added but required (NVA-r)
Value-Adding (VA) Right Ans - Any activity or process step the CUSTOMER
of the process sees as valuable.
- The customer is willing to pay for it
- It transforms the item towards the final product or service
- It must be done right the first time
Non-Value-Added (NVA) Right Ans - Any activity or process step that does
not add value from the customer's perspective
Non-Value-Added but required (NVA-r) Right Ans - Also know as "Value-
Enabling" or "Business Value Add" this activity is still considered NVA from
the customers perspective, but it's deemed a necessary step to run the
business such as compliance or government regulation.
, Histogram Right Ans - Bar graph which shows a data set and how it's
distributed. Often recognized by a bell shaped curve.
Data Characteristics:
1. Center: Where the data is centered. Mean, Median, or Mode.
2. Spread: The amount of variation in the data. Range or Standard Deviation.
3. Shape: The shape of our distribution. Normal, Skewed, Bi-model, etc
Standard Deviation Right Ans - A quantity calculated to indicate the extent
of deviation for a group as a whole.
The average distance the values are away from the mean.
Range Right Ans - The difference between the highest and lowest scores in
a distribution
Maximum Value - Minimum Value = Range
Excel Formulas Right Ans - Mean: =Average(A1:A5)
Median: =Median(A1:A5)
Standard Deviation: =STDEV(A1:A5)
Pareto Chart (Think, "Pareto Distribution") Right Ans - A bar graph/chart
whose bars are drawn in decreasing order of frequency or relative frequency
Pareto Principle Right Ans - 80/20 rule; as applied to inventory context,
this rule suggests that (about) 80% of revenues are (typically) generated by
20% of a firm's SKUs.
Pareto found that 20% of the people in a particular area owned 80% of the
land.
Box Plot Right Ans - A graph that displays the highest and lowest quarters
of data as whiskers, the middle two quarters of the data as a box, and the
median
Pie Chart Right Ans - A chart that shows the relationship of a part to a
whole
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Studyhall. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.