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Many of you will have heard of Six Sigma management. What you may not realize is that the etymology of the term Six Sigma is rooted in statistics. As you should have seen by now in your textbook, statisticians use the Greek letter sigma (σ) to denote a standard deviation. So when these Six Sigma people start talking about “six sigma processes,” what they mean is that they want to have processes where there are (at least) six standard deviations between the mean and what would be determined to be a failure. For example, you may be examining the output of a factory that makes airline grade aluminium. The average tensile strength of each piece is 65 ksi, and you view a particular output as a failure if the tensile strength is anything less than 64 ksi. If the standard deviation is less than .166, then the process is six sigma. The odds of a failure within a six sigma process are 3.4 in a million, which corresponds to the 99.9997% confidence level. When we are doing statistics, we usually use the 95% confidence level, which is roughly 2 sigmas. In the case of the tensile strength of airline grade aluminium, 6 sigmas is probably a good level to be at—catastrophic failure on an airplane could open you up to lawsuits worth billions of dollars. But there are some other processes that you probably don’t need to be so certain about getting acceptable products from. Give some examples from your own business life of random processes that are likely to be normally distributed, and say how many sigmas you think the process should be at.
A social service agency has tasked you with developing a project plan that allows them to collect effective data from their clients to meet governmental guidelines within their grants. A social service agency applied for and received funding for a sp..
Identify a relatively new product category, for example, tablet-sized phones (phablets). Then evaluate the brands among different companies competing in this category. Next, pick one of the companies and analyze how its brand coexists with the other ..
A manager must decide how many machines of a certain type to buy. The machines will be used to manufacture a new gear for which there is increased demand. The manager has narrowed the decision to two alternatives: Identify the choice that would be ma..
Environmental Responsibilities: As the head of your company's global supply chain, what are some of the major steps you would take to insure that your supply chain is "environmentally friendly"?
What are the trends associated with the supply and demands of healthcare professionals in West Virginia? What strategies would you implement to attract and fill the gap with respect to critical care nurses, mental health professionals to include soci..
Office Express sells office suppliers to businesses on a membership basis---i.e., walk-in customers without a membership are not allowed. The company delivers supplies directly to the purchaser as a long as a minimum purchase of $100 is made. Calcula..
The current order quantity for Paul's Pasta Pinwheels is 200 boxes. The order cost is $4 per order, the holding cost is $0.40 per box per year, and the annual demand is 500 boxes per year.
please link to an advertisement that exemplifies consumption as described in the text and define its relation to the material in the text
Consider four different stocks, all of which have a required return of 18.25 percent and a most recent dividend of $3.60 per share. Stocks W, X, and Y are expected to maintain constant growth rates in dividends for the foreseeable future of 10 percen..
In a job shop, effective capacity is only 48 percent of design capacity, and actual output is 58 percent of effective output. What design capacity would be needed to achieve an actual output of 11 jobs per week? What is its effective capacity?
As part of the management team for PPQ Parts manufacturing company, you are tasked with selecting the best software packages for the firm's materials requirements planning (MRP), capacity requirement planning (CRP), and enterprise resource plannin..
Bribery has never been looked upon particularly positively in any culture or society. Ethnocentrism is similar to cultural relativism. The key difference between a bribe and a facilitation payment is a similarity of intentions and effects.
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