After reading this article you will learn about the process and machine capabilities. Process Capabilities: A process capability study is a determination of the total spread of the process as determined by measuring the product produced under controlled conditions. The process capability is independent of the specification but is determined by: (i) The condition of the machine, (ii) Operator skill, [...]
Sampling plans may be classified as follows: 1. Single Sampling Plans 2. Double Sampling Plans 3. Multiple Sampling Plans 4. Sequential Sampling Plan (Item by Item Analysis). 1. Single Sampling Plans: A lot is accepted or rejected on the basis of a single sample drawn from that lot. i. Under this plan, a lot is accepted or rejected on [...]
Sales forecasting techniques may be categorized as follows:- 1. Historic Estimate 2. Sales Force Estimate 3. Trend Line (or Time Series Analysis) Technique 4. Market Survey 5. Delphi Method 6. Judgmental Techniques 7. Prior Knowledge 8. Forecasting by Past Average 9. Forecasting from Last Period's Sales 10. Forecasting by Moving Average and Few Others. Technique # 1. Historic Estimate: This [...]