Tag: cft
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SPC: Difference Between Goal Post Mentality and Loss Function Analysis
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“Those who ignore Statistics are condemned to reinvent it.” – Brad Efron Introduction When an organization hires GETs (Graduate Engineer Trainees), they set a minimum mark limit (say minimum 65%). The selected candidates may have marks ranging from 65% to 90%. Will there be any difference between the competence of the candidate having 65% marks…
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Why SPC Study Needs to be Conducted?
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“A goal is not always meant to be reached; it often serves simply as something to aim at.” –Bruce Lee Introduction There is always a reason why we do anything. When we choose to eat sweets even though we are planning to reduce weight, there is a certain Why for it. When we wake up…
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SPC: Graphical Interpretation of Control Chart (Mean and Range)
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“It is the mark of a truly intelligent person to be moved by statistics.” — George Bernard Shaw Introduction Graphs are widely used tools in trading and investing to quickly see the past performance of the stock, the highs, the lows, trends, moving averages, trading volume, and much more. These graphs are the ‘footprint of…
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The Most Powerful Visualization Technique to Manifest Anything You Want in Life
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Story: Natan Sharansky, Prison, Gary Kasparov (Source: Internet) Natan Sharansky –an Israeli politician, and human rights activist – was a Jew living in communist Russia in the 1970s. However, for some reason, he was accused of being an American spy and thrown into jail by the Russian Government. The conditions in jail were very bad.…
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What is the key difference between RPN (Risk Priority Number) and Action Priority (AP) -FMEA?
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There is a difference between being alive and living: Gabrielle Zevin Introduction As per Newton’s 3rd Law, ‘every action has an equal and opposite reaction’. In other words, ‘what we sow, so shall we reap’. When we give priority to a particular thing like health, it improves. Similarly, when a Doctor diagnosis the problem accurately,…