normal curve

Improved Forecasting with Moving Averages and Z-scores

Forecasting is an integral part of business management. The better the forecast, the better management will be able to plan for the future. Although there are many methods for making forecasts, some are better suited than others for particular situations. For short-term forecasting, Black Belts can benefit from analyzing production trends and looking for special…

Estimation Method Helps Analysis of Truncated Data Sets

A data set with a physical limit – such as time, which has a lower bound of zero – often cannot be transformed using the usual tools for non-normal data. To determine process capability and perform further statistical analysis, use the standard deviation calculated as if the data were not truncated, along with a correction factor.