The T Statistic is used to determine whether two means are statistically different. The formula uses the means of the two samples, their standard deviation, and sample size. The T Value is then evaluated against the alpha to determine if the Null Hypothesis can be rejected or not.
A T Test is a statistical tool used to determine whether a significant difference between the means of two distributions, or the mean of one distribution and a target value, exist.
A technique for designing and performing experiments to investigate processes where the output depends on many factors, without having to tediously and uneconomically run the process using all possible combinations of values of those variables. By systematically choosing certain combinations of variables it is possible to separate their individual effects.
A special variant of Design of Experiment (DOE) that distinguishes itself from classic DOE in the focus on optimizing design parameters to minimize variation before optimizing design to hit mean target values for output parameters.
Takt is a German word for 'beat' or 'rhythm' and in Lean this is often referred to as the pace at which your business should operate.
The rate at which the customer uses a product, or the pace at which work must be completed in order to meet customer demand. Takt Time is measured by dividing the average available work time by the average rate of customer demand.
For example: If customers order 90 parts per day, and you have 900 available minutes between two shifts, your Takt Time is 10 minutes. A part must be completed every 10 minutes in order to meet Takt Time.
Target Cost is a function of the sales price and the organization's target profit margin—essentially profit management.
4 Types are:
A way of establishing a cost goal for a product or service, utilized in the design phase.
The formula is: (Sales Price) – (Target Profit) = Target Cost
Turn Around Time
A group of people associated in some joint action. Teams are formed to work together to solve problems and achieve goals. Another way to look at it is a group which:
Totally (or effectively) and
Efficiently
Achieves
Milestones
The available manpower of a team, with the desired skill set and the available number of hours in a day to deliver a specified output.
The representative for a team within the company, often the liaison between supervisors, managers, other departments, etc. This leads to streamlined communications and less waste and waiting.
