Question

the importance of statistics like variance and standard deviation were discussed. What are these and how can they help with parts production from a practical standpoint? Give a working example in auto manufacturing

Answer 1

Statistics have a lot of significance in every field. It has revolutionised every industry. Two of the many features of statistics that help a lot in manufacturing processes of parts are standard deviation and variance. The standard deviation is calculated from the variance. Standard deviation is easier to practically understand whereas variance is a lot more useful in calculations involved as it fits betted with a lot of distributions.

Standard deviation is indicative of the deviation from the required value. For example, if the required length of the battery of cars produced by a company is a fixed value. But every car has a small deviation from this fixed value. All these deviations are mean squared, and the value is standard deviation. This deviation indicates how much, on an average, the length will deviate from the required value. Variance is square of standard deviation. It does not have dimensions and practically has no interpretation but its significance lies in the calculations. The main advantage is its additive nature.