Examlex
While the philosophy of Six Sigma means different things to different people and is practiced differently in different companies,according to the textbook,two of the more important and agreed-upon elements of Six Sigma are:
Median
A statistical measure that represents the middle value in a given set of data when the values are arranged in ascending or descending order.
Central Tendency
A statistical measure that identifies a single value as representative of an entire distribution of data.
Extreme Scores
Data points in a dataset that are significantly higher or lower than the majority of the data, often considered outliers.
Sunk-Cost Fallacy
The misconception that ongoing investment in a project should continue based on the cumulative prior investment (sunk costs) regardless of the current and future costs and benefits.
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