Hypothesis Testing notes:
As the Confidence Interval (CI) decreases the Range of data falling inside it also reduces.
for example : Mean = 9.9515
CI 95% = 9.73 - 10.16 = Range 0.43
CI 75% = 9.82 - 10.07 = 0.25
CI 25% = 9.91 - 9.98 = 0.07
CI 1 % = 9.951-9.952= 0.001
Also, when we have large sample size the CI range will be lesser as compared to small sample size.
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Significance level(alpha) = 1 - Confidence interval.
if my CI is 95% then my Significance level (a) = 0.05
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What is Operational Excellence in Manufacturing and Supply Chain?
ReplyDeleteOperational Excellence - Effectiveness and Efficiency in Operations.
Effectiveness: Customer Acceptance of the Product. Payment. Expected Profit Realization by the Company.
Efficiency: Minimum Use of Resources in Achieving Effectiveness.
Operational Excellence - Effectiveness and Efficiency Synthesis. - Narayana Rao.
What is Operational Excellence in Manufacturing and Supply Chain? Effectiveness and Efficiency Synthesis. - Narayana Rao.