Inventory Control Methods Research Paper Example | Topics and Well Written Essays - 2000 words

Inventory Control Methods - Research Paper ExampleIn this context, the statistical techniques and the Information engine room (IT) are useful for exposing hidden information of the business. Statistics is the assortment of approaches, methods, and activities employed by any company to inhibit the production, product quality, and service. statistical Process Control (SPC) starts with product development where the elements of the product are determined to adduce the quality. by dint of SPC a company can observe the production in each phase. Several look charts let make-ups to understand the status of any process and thus minimizes the rate of the defective product. Companies such as Ford, Ferrari, and BMW among others, focus strictly on product quality and control the processes of assembly line effectively (Lind, D. & Et. Al., Statistical Techniques in Business and Economics). ... & Et. Al., Statistical Techniques in Business and Economics). The practical example of sextuplet Si gma in business is Wipro. It was the first Indian organization which had implemented vi Sigma in their business. With the help of Six Sigma, Wipro had successfully mendd the business performance by understanding customers demand. The waste in production has been minify significantly in Wipro and it has experienced 35% increase in productivity. The rate of failure has reduced to 1%. The rate of defective software products has also reduced to 5%. Six Sigma has brought undeniable accomplishment for Wipro with consider to customer satisfaction and development of internal performance (Sharma & Et. Al., Six Sigma at Wipro Technologies Thrust on eccentric). Several big organizations such as General Electric use Six Sigma technique to improve the quality and reduce unnecessary expenses. In business, statistics help organizations to make appropriate decisions. Organizations need to be really quick and precise and must understand the preference of customers. Statistics can help to plan according to consumers preferences. Through statistical technique, the quality of any product or service can be evaluated more effectively. base on the statistical data, an organization can decide which item it is going to sell and in what amount. bulk of activities in an organization depend on information generated by statistics. Thus, based on the statistical data, an organization can take decisions regarding product, investment, and marketing (Amazone, Importance of Statistics in Different Fields). Statistics is also vital for economics.