If you have ever compared two machines, two shifts, or two suppliers and found yourself saying “well, their standard deviation is bigger, but they’re also making a bigger part, so is that really worse?”, you were reaching for the Coefficient of Variation, even if you didn’t know its name yet. The Coefficient of Variation (CV) (more…)
Frequency plots help monitor the spread of continuous data. A frequency plot is a graph showing a variable’s distributional information.
Cumulative Sum Chart (CUSUM) is a type of control chart used to detect the deviation of the values or subgroup mean from the target value.
Not all statistics are the same. It’s useful to discern between the various types of statistics when doing analysis.
Central tendency is the idea that when using normal data, all three of the main measures (mean, mode, median) tend to be roughly the same.