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October 13, 2022

Latest Article: An Introduction to Correlation and Regression Analysis

Correlation and Regression Introduction
Last Update: An Introduction to Correlation and Regression Analysis
Lean Articles

October 13, 2022 Articles

Lean Articles

October 13, 2022 Articles

Confidence Intervals

Why are Control Plans Essential in Project Management

Control Plan Introduction

A control plan in LSS, or Lean Six Sigma, is a document that outlines the steps to be taken to ensure that a process is operating within acceptable limits. It helps to minimize variation in the process and maintain quality standards. The control plan typically includes details on the process steps, the metrics to be measured, and the actions to be taken when a deviation from the expected outcomes is identified. By implementing a control plan, organizations can achieve consistent results and reduce the risk of defects or errors in their processes.

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Confidence Intervals

What Are Confidence Intervals and How to Calculate Them

Summary

Confidence intervals are a powerful tool for making well-informed business decisions. A confidence interval is an interval in which we can be certain of the parameters or values necessary to make accurate and reliable predictions about population parameters. By understanding what a confidence interval is, how it works and its importance to your organization, you’ll gain valuable insight into strategic decision-making that can help drive future success.

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