Tips and Techniques for Statistics and Quality Improvement

Blog posts and articles about using Minitab software in quality improvement projects, research, and more.

Bill Kahn runs the statistical modeling group for consumer banking at Bank of America. His team builds hundreds of models using a broad range of statistical and machine learning techniques. These models help ensure financial stability for individuals, enterprises, and communities throughout the country. Over the past few decades, Bill has led statistics groups at several Fortune 500 financial service, consulting, and...

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Dramatic cost savings. Lead time and inventory reductions. Improved transactional processes.

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In the first part of this series, we saw how conflicting opinions about a subjective factor can create business problems. In part 2, we used Minitab's Assistant feature to set up an attribute agreement analysis study that will provide a better understanding of where and when such disagreements occur. 

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Previously, I discussed how business problems arise when people have conflicting opinions about a subjective factor, such as whether something is the right color or not, or whether a job applicant is qualified for a position. The key to resolving such honest disagreements and handling future decisions more consistently is a statistical tool called attribute agreement analysis. In this post, we'll cover how to set up...

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Every day, thousands of people withdraw extra cash for daily expenses. Each transaction may be small, but the total amount of cash dispersed over hundreds or thousands of daily transactions can be very high. But every bank branch has a fixed cash flow, which must be set without knowing what each customer will need on a given day. This creates a challenge for financial entities. Customers expect their local bank office...

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When I blogged about automation back in March, I made my husband out to be an automation guru. Well, he certainly is. But what you don’t know about my husband is that while he loves to automate everything in his life, sometimes he drops the ball. He’s human; even I have to cut him a break every now and then.

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Businesses are getting more and more data from existing and potential customers: whenever we click on a web site, for example, it can be recorded in the vendor's database. And whenever we use electronic ID cards to access public transportation or other services, our movements across the city may be analyzed.

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Many of the things you need to monitor can be measured in a concrete, objective way, such as an item's weight or length. But, many important characteristics are more subjective, such as the collaborative culture of the workplace, or an individual's political outlook.

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In several previous blogs, I have discussed the use of statistics for quality improvement in the service sector. Understandably, services account for a very large part of the economy. Lately, when meeting with several people from financial companies, I realized that one of the problems they faced was that they were collecting large amounts of "qualitative" data: types of product, customer profiles, different...

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by The Discrete Sharer, guest blogger

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