Term | Definition |
---|---|
Effectiveness | An improvement from increasing quality or accuracy in the output of a process while often sustaining the same level of efficiency (i.e., time, effort, flow, or cost). Six Sigma is often used to focus on improving how effective the process and outputs are. |
Efficiency | An improvement from reducing time, effort, flow or cost in a process while often sustaining the same level of effectiveness (i.e., quality or accuracy). Lean is often used to focus on improving how efficient the process is. |
Equal Variance, Test for | See Test for Equal Variance |
Excel Functions | A common software application from Microsoft that is used for doing simple data and statistical analysis. StatStuff has dedicated a video that covers some tools and functions that may be helpful for simple analysis. Compare to Minitab. |