Examlex
A company has successfully implemented lean practices in their three station process.The stations are,in order,Station A,Station B,and Station C and product moves from A to B to C smoothly.One day,the equipment at Station B experiences catastrophic failure.What happens and what is the appropriate response for a lean-thinking company?
Standardized Test Statistic
A statistic that has been transformed to have a mean of zero and a standard deviation of one, used in hypothesis testing.
P-value
A statistical measure that helps scientists and researchers determine the significance of their results, representing the probability of observing the collected data, or something more extreme, if the null hypothesis were true.
Z-test Approximation
A statistical method that uses the Z-distribution to approximate the significance of observed differences, typically used when sample sizes are large and the standard deviation is known.
Wilcoxon Test Statistic
A non-parametric test statistic used to compare two paired samples to assess whether their population mean ranks differ.
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