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Benchmarking
The act of evaluating business operations and performance indicators against the standards of the industry or exemplary practices from different organizations.
Cause-And-Effect Diagram
A visual tool used to systematically identify and present the potential causes of a specific problem, often resembling the shape of a fishbone.
Fishbone Diagram
A visual tool for root cause analysis, illustrating the main causes and sub-causes leading to an effect, often used in problem-solving and quality control.
Taguchi Loss Function
The Taguchi Loss Function is a statistical method used to measure the cost of deviation from a target value, emphasizing the reduction of variation in a process rather than just meeting specifications.
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