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Statistical Methods in Cost-Reduction Projects

Summary: Statistical techniques such as those used in quality control and process improvement are extended to areas of cost such as wages, maintenance, raw materials, and warehousing. This extension of the classical statistical models, from t-test to multiple regression, is shown to be natural and logical, with no additional statistical training necessary. Examples of how the more common process improvement designs have been used in cost-reduction projects are shown.

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  • Topics:
  • Keywords: Cost management
  • Author: Smith Jr., Harry; Whiston, William B.
  • Journal: Journal of Quality Technology