Don’t like the data? Throw it out!

One of the first tasks our Black Belt students are asked to do when completing a project is collect data over time and create control charts for the primary output metric.  The purpose of these control charts is to establish baseline performance, and to determine if the process is stable. One of my students is […] read more

Economic Impact and Project Selection

Our Six Sigma Green Belt course includes a lesson on project selection.  Students are tasked to identify three or more potential improvement projects and make estimates of the cost to plan and execute the projects in dollars as well as the economic impact of completing the projects in dollars.   They then must explain which project […] read more

How Accurate and Reliable is Your Data?

Six Sigma is a process improvement methodology that uses facts and data to make decisions, not hunches and opinions.  It is obviously important that we use facts and data that are accurate and reliable.  The more important the decision and the more serious the consequences, the more care we need to take when collecting data. […] read more

Which Index is Representative of How the Stock Market is Really Performing?

In an earlier article in this series I discussed the use of sample data drawn from a larger population for the purposes of making decisions.  The data in the sample must be representative of the larger population in order for it to be useful in decision making.  Consider the stock market in general.   What is […] read more