Tag: #ISO
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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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Competence and Evaluation of Auditors: ISO 19011: 2018 (3rd Edition)
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“Your confidence kills your fears when they appear. Your competence makes them not to appear at all. Be bold; do it.” ― Israelmore Ayivor. Introduction No one likes to be audited. No one wants someone should evaluate us and tell us about our shortcomings. Still, we go to school and insist our children complete their basic…
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Principles of Auditing: ISO 19011: 2018 (3rd Edition)
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“He who merely knows right principles is not equal to him who loves them” ― Confucius. Introduction Do you ever feel lost, aimless, or a little confused, like you’re sailing through life without a rudder to guide you? But, when we follow the life principles, there is a high possibility that we will be able…