Describe the Process of Sensitivity Analysis and List Some of the Common

question 82

Essay

Describe the process of sensitivity analysis and list some of the common variables that you would expect to analyze.

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Definitions:

Process Flow Chart

A visual representation of the steps in a process, showing how tasks or operations are connected.

Pareto Analysis

A decision-making technique used to prioritize tasks or identify key causes of problems based on the principle that 80% of effects come from 20% of the causes.

Fishbone Diagram

A visual tool used for identifying and organizing the potential causes of a problem, typically resembling the shape of a fishbone.

Total Quality Management

A management approach focused on continuous improvements in quality, aiming to reduce waste and increase customer satisfaction.