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Time Series, Control Charts & Linear and Quadriatic, etc.

Please complete the following 5 questions in a Microsoft Word file:

1. When is it appropriate to use a time series approach to a business setting? When can it be applied to project management?

2. What are examples where control charts are used in your workplace to monitor quality control? What are the goals and objectives of this effort?

3. What is statistical quality control? How is the concept of statistical quality control used in continuous improvement? Discuss with examples

4. Discuss how you would model no trend, a linear trend and quadratic trend?

5. In general when is it appropriate to use exponential smoothing? Give examples.

Solution Summary

This solution discusses when it is appropriate to use a time series approach to a business setting and when it can be applied to project management. Examples are provided where control charts are used in the workplace to monitor quality control, including the goals and objectives of this effort. By example, it also explains the meaning of statistical quality control and how is the concept of statistical quality control used in continuous improvement. It then discusses how a person would model no trend, a linear trend and quadratic trend. Finally, by example, it explains when it is generally appropriate to use exponential smoothing.

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