Question

Explain what is KPI, design of experiments, and 80/20 rule?

A) Key Performance Indicator, Differential Equations, Pareto Principle
B) Knowledge Processing Index, Differential Equations, Regression Analysis
C) Key Performance Indicator, Design of Experiments, Pareto Principle
D) Knowledge Processing Index, Design of Experiments, Regression Analysis

Answer 1

A KPI is a metric for evaluating crucial success factors, Design of Experiments (DOE) is used to optimize processes by finding cause-and-effect relationships, and the 80/20 rule or Pareto Principle indicates that a majority of results usually come from a minority of efforts.

Step-by-step explanation:

A KPI or Key Performance Indicator is a metric used to evaluate factors that are crucial to the success of an organization. The Design of Experiments (DOE) is a systematic method to determine the relationship between factors affecting a process and the output of that process. It is used to find cause-and-effect relationships and aims to optimize a process or product. Lastly, the 80/20 rule, also known as the Pareto Principle, is a principle that suggests 80% of results often come from 20% of efforts, highlighting the importance of focusing on the most productive inputs.