Tag Archives: analysis

Histograms and Boxplots

Histograms and Boxplots

Histograms and boxplots are graphical representations for the frequency of numeric data values. They aim to describe the data and explore the central tendency and variability before using advanced statistical analysis techniques. In this article, we will further discuss the similarities and differences between these two tools.

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Pareto Analysis

Pareto Analysis

There are many situations where you are asked to decide which problems or causes of a problem should be tackled first. The Pareto Principle, which is also referred to as the 80-20 rule, states that roughly 80 percent of the problems or effects come from 20 percent of the causes. It describes a statistical phenomenon that a small number of high values contribute more to the total than a high number of low values. The focus of the Pareto Analysis is to identify the “vital few” from the “trivial many” and make it possible to attack the 80 percent of the problems to obtain the maximum benefits.

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Cost Benefit Analysis Template

The Cost-Benefit Analysis provides a way to decide which proposed option or project is the most valuable. This template will allow decision makers to compare among several solutions or projects and select the one that offers the greatest return against the cost of implementation. For simplicity, the analysis results here are expressed as a payback period and as a benefit-cost ratio, assuming that all projects are short-term in nature.

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Benchmark Analysis Template

Benchmarking is a process that measures how a company is performing against those of world-class performance. It is used to better understand how outstanding companies perform, then helps your company develop plans to adapt specific best practices. This template allows to conduct benchmarking studies to compare the performance of your processes and activities against top performers in a very simple manner.

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Paired Comparison

Paired Comparison Analysis

Paired Comparison Analysis is an activity for evaluating a small range of options by comparing them against each other. It is a useful and easy technique for rating and ranking alternatives where the evaluation criteria are subjective by nature. This is practically helpful when priorities are not clear enough, when alternatives are completely different from one another, or when there is little objective data to base our decision on.

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Process Mapping

Process Mapping

A process map is a graphical representation that illustrates the sequence of activities within a business process. It represents these activities in a step by step manner to help understanding how a product is made or how a service is carried out. Process maps are simple ways of making sense of what is happening or must happen within a process. They allow to know how exactly an organization does its work, and how well it is performing in accordance with its objectives.

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Stakeholder Analysis

Stakeholder Analysis

A Stakeholder is any party who may have an interest in an organization action or will be affected by its outcomes. Stakeholders can be organizations, business units, departments, groups or individuals. Primary stakeholders are those who are part of the economic transactions of the business, such as shareholders, customers and employees, while secondary stakeholders are those who are affected by or can affect the business in someway, such as the government and the community.

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Kano Analysis

Kano Analysis

The Kano Model is a framework that is used to analyze customer needs and how those needs change as time goes on. It helps categorizing and prioritizing the different features of a product or service based on their impact to customer satisfaction. Those categories are then considered when analyzing potential opportunities for improvement. The Kano Model is often used to better understand how a product (or service) fits customer needs by mapping the existing or proposed features into the Kano categories.   Read more »  




Failure Mode and Effect Analysis Template

Failure Mode and Effect Analysis (FMEA) is a risk analysis tool that can be used to identify the points at which the process may fail. It is a systematic approach that identifies potential failure modes, their causes and effects, and identify actions to reduce or correct the failures. After identifying a high risk, it is necessary to do something about it. FMEA could be applied to manufacturing and non-manufacturing processes, and can be performed at the system, assembly or part level.

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Force Field Analysis

Force Field Analysis

A Force Field Analysis is a decision making technique that can be used to analyze the pros and cons of any decision. It looks at the forces that are either driving or blocking movement toward making a decision. Better decisions are made by weighing up the pros and cons then determining the force that will win. This technique is widely used in the fields of organizational change and development, business process management, and social and cultural sciences.

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Gap Analysis

Gap Analysis

Gap Analysis compares two things, what is with what should be. It often helps comparing two different states of something, the current state and the future state. Once the gap is identified, an action plan can be developed to bridge the gap.   Read more »