Webcast: "Experimental Design in the Transactional Arena"
Much has been written about the power of using statistical experimental design to improve processes, but for many reasons it is still perceived as being applicable only in the manufacturing and high tech fields, and not to the transactional or service sector.
Businesses routinely use the 'one-factor-at-a-time' experimentation approach, which is simple, but highly inefficient and often fails to unearth the true underlying relationships between inputs and outputs.
A designed experiment is a formulation of purposeful changes made to the inputs or factors of a process in order to observe the corresponding changes in the output or response.
The information gained from this exercise can be invaluable to improving performance characteristics, reducing costs and time associated with designing and implementing transactional processes and to build mathematical models to approximate the true relationship between the inputs and outputs of nearly any type of transactional process.
In this one-hour recorded Webcast led by Smita Skrivanek, Principal Statistician at MoreSteam.com, we explore some of the challenges of using designed experiments in the transactional arena and present an example of its application to a service operation.
This session includes: