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Lean Six Sigma Predictions for 2014

What will be the hot topics and areas of interest for operational excellence in 2014? We asked Lean Six Sigma (LSS) leaders for their predictions. Thank you for big picture predictions, personal proclamations and strategies to consider in the year ahead. Kaj Ahlmann, Owner Six Sigma Ranch & Winery When in 2006 we bottled our…

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Predicting Code Inspection Faults

Inspections are one of the most common methods of review performed in software teams. The goal of code inspection is to identify software faults early in the software development lifecycle. Teams are faced with the challenge, however, of determining whether those inspections are effective. One way to quantify this is by predicting the total number…

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Meet Tomorrow’s Challenges with Future-ready Reengineering

Nobody knows what the future holds, but a shared uncertainty about tomorrow creates a forward-leaning opportunity for reinvention. What do customers want from the companies with which they routinely interact? Given the current economic environment that is defined by abiding volatility and uncertainty, people want stable, glitch-free relationships – ones where the only surprises are…

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Taking Advantage of the Age of Statistics: Part I

One of the most memorable quotes from the movie The Graduate (1967), staring Dustin Hoffman, is the brief exchange between young Benjamin and a family friend, who offers the following advice: Mr. McGuire: I want to say one word to you. Just one word. Benjamin: Yes, sir. Mr. McGuire: Are you listening? Benjamin: Yes, I…

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Assessing Forecast Accuracy: Be Prepared, Rain or Shine

Just as people follow weather predictions to know if they should carry an umbrella, organizations use forecasting to predict and prepare for future events. Across industries, companies attempt to determine what will happen – they forecast for product or raw material prices, market demand, exchange rates, and numerous other key metrics. Based on these forecasts,…

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Harnessing the Power of Predictive Analytics

The demand for business intelligence is increasing at a rapid pace across all industries in today’s tough economic climate. As senior executives look to optimize existing business processes that can lead to bottom-line and top-line benefits, one option is to tap into predictive analytics, a type of data mining that can be used to make…

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Use Forecasting Basics to Predict Future Conditions

Basic terminologies of time series and forecasting can be difficult to understand. There are four basic learning points: The definition of forecasting Forecasting as a business and communicative process (not a statistical tool) General definitions used in forecasting (regardless of statistical tool) The statistical/mathematical techniques Becoming Aware of the Broad View of Forecasting: Overview –…

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…