Competition drives innovation in the market place. Without competition businesses atrophy and become complacent. It is normal to think of competition between companies, but what about the competition of ideas internal to a company? Many of us have struggled over our careers to bring analytical tools to the forefront of our business practices but perhaps we could do much better if we approached this with a competitive mindset. Do we know and understand who our customer is? Can we clearly and succinctly express the benefits of our product? Do we even know what our product is? Do we know who or what our competition is? Have we addressed product renewal to sustain our product in the marketplace of ideas and approaches?
The goal of this presentation is to provoke ideas and approaches to mainstreaming analytics in your business and make it thrive based on personal and colleagues’ experiences. We will investigate different ideas that may help you be successful, avoid frustration and enjoy your work.
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Cy Wegman, Founder and President, SY64
Some systems monitor hundreds of performance variables with time. Control charts are a powerful means of detecting problems in a system. JMP has developed tools to quickly scan through control charts to identify variables that are out of control. Many organizations utilize these “univariate” control charts for problem detection. There are scenarios where a multivariate control chart may be a superior way to monitor and detect problems in your system. Multivariate control charts combine many variables into one chart. This has the obvious benefit of monitoring only one chart instead of many. The key questions are: When might multivariate charts be better than univariate control charts? What information is the multivariate control chart conveying? In addition, if the multivariate chart appears advantageous, how do you use JMP to unravel the underlying issue you’ve detected? This presentation will review the basic nature of multivariate control charts, demonstrate how to use the JMP multivariate control chart platform, and identify techniques to uncover the information inside the chart. We will also discuss some of the limitations of these charts and compare other analysis options you may consider.
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