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Variance From Standards

Variance is a measure of statistical dispersion, indicating how far from the expected value its values typically are.

How Does It Profit You?

By evaluating and improving performance. Keeping an eye on how far away from your targets you are operating is a critical management tool. There are many different ways this is phrased in management literature, but the basic idea is that you must plan, execute, and then evaluate your execution. If you have no targets and no way to measure hitting the target, you cannot evaluate and improve.

Specific Questions Answered

  • why don't the expected results match the actual?
  • are the individual units of work taking the time that I expect them to?
  • are products being produced on time?
  • is the effort expended to produce a product within expectations?
  • are our products meeting quality standards?

We provide high quality factory floor data collection and analysis systems tailored so that manufacturers can accurately determine and improve the efficiency of their environment.

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Revised: 03 Oct 2006.