202015 Sep
The Next Decimal Place
Type
General News
Companies
Source
Qimacros
Summary

SPC software companies keep trying to gain some edge by tweaking the formulas for various statistics, but is the quest for the next decimal place of precision useful? “Hi, I’m Jay Arthur, author of “Lean Six Sigma Demystified” and QI Macros [software]. “Then about four or five years ago, Minitab started using pooled standard deviation to calculate these things. You need 1.66 or 2.0 for a Six Sigma level process to minimize defects and returns and all the other stuff and associated costs with it, so that last decimal place does not matter, right? Now, if I’m sending rockets into space and trying to hit Mars, sure; I need like twelve thousand decimal places.

Classifications
  • Data Mining
  • Business Intelligence
  • Statistics and Mathematics
  • Healthcare
  • General Healthcare