• # Fishing and Hypothesis Testing!

• Hypothesis testing is a procedure of estimating the average weight of all fishes (not possible to calculate till we take out all the fishes = population) in the pond based on the data obtained from the sample of fishes caught for purpose. Since hypothesis testing is based on the sample data hence, there would be some inherent error in estimating the population parameter. Because of this error we would get an interval instead of a particular value for the population parameter.
• # “p-value” What the Hell is it?

• In business decisions when we want to compare two processes, we have a theoretical limits represented by α and a corresponding experimental value represented by p-value. If p-value (experimental or observed value) is found to be less then the α (theoretical value), then two processes are different.

• # 7QC Tools: Why do we Require to Plot X-bar and R-charts Simultaneously

• The main purpose of the control charts is to monitor the health of the process which, is done by monitoring both, accuracy and the precision of the process. Control chart for mean is used for studying the accuracy of the process whereas the control chart of variability for the precision of the process.

• # Is it Difficult for you to Comprehend the Concept of Confidence Interval? Try this out

• If we assume that the population average is a golden fish that we want to catch from the pond using our fishing net (equivalent to CI). Then we would be successful in 95 attempt out of 100.
• # Why Standard Normal Distribution Table is so important?

• There are business problems where we need to comprehend the probability of some events to occur based on the historical data or from the sample data. A possible way is to draw the probability density function (PDF) and calculate the area under the curve (AUC) between any two points. But for every data we encounter, it is not possible to do that. What we can do is to convert the given data into the standard normal distribution, for which the AUC between any two point is well documented, thereby providing the desired probability.
• # Why Do Pharmaceutical Industry Requires Quality by Design (QBD)

• QbD is of paramount importance for the patient safety but there is another side of the coin. QbD is also required for timely and uninterrupted supply of medicines into the market. This timely uninterrupted supply is required to fulfill the 4A’s (acceptability, affordability, availability and accessibility) requirement of any Regulatory body as it is their main KRA and this required to be percolated down to the manufacturer clearly. It will help in developing a strong customer-supplier relationship between the two parties and can trigger the smooth acceptance of QbD by generic players.
• # Concept of Quality — We Must Understand this before Learning 6sigma!

• How the concept of quality evolved from a goal post approach to include cost, time and COPQ in the definition