Business Forecasting - Introduction to business forecasting

 











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Statistical Quality Control

  ⭐ Meaning of Quality 1️⃣ Conformance to specifications 2️⃣ Fitness for use 3️⃣ Customer satisfaction 4️⃣ Delighting the customer 5️⃣ Enchanting the customer (modern view) 🌟 Dimensions of Quality Attribute Meaning Performance How well it works Features Additional characteristics Reliability Consistency Conformance Meeting standards Durability Life of the product Serviceability Ease of repair Aesthetics Look & feel Reputation Brand trust 🔧 Quality Control A procedure to measure quality, compare with standards, and correct deviations. 🔹 Quality must be planned → achieved → controlled → improved continuously 📊 Statistical Quality Control (SQC) Applying statistical methods to control and improve product quality. 🎯 Purpose of SQC ✔ Reduce variation ✔ Improve quality ✔ Lower scrap & rework ✔ Better productivity & inspection 🖼 Seven Quality Control Tools (7-QC) Below are simplified visual representations to help you post: Tool Simple visual image Fl...
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Partial and Multiple Correlation Coefficient

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  PARTIAL CORRELATION   MULTIPLE CORRELATION   When the value of a variable is influenced by another variable, the relationship between them is a simple correlation. In a real-life situation, a variable may be influenced by many other variables. For example, the sales achieved for a product may depend on the income of the consumers, the price, the quality of the product, sales promotion techniques, the channels of distribution, etc. In this case, we have to consider the joint influence  of several independent variables on the dependent variable. Multiple correlations arise in this context. Coefficient Of Multiple Linear Correlations   The coefficient of multiple linear correlation is given in terms of the partial correlation coefficients as follows:
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