Seminar to Econometrics of Financial Markets
Seminar "Statistical Quality Control" (6 Credit Points, Prüfungsnummer 5099)
Veranstaltung für den Master
First meeting will take place on October 13th, 2016, 13.00 - 14.00 in HG 217.
|Monday||16 - 18 Uhr||GD 309|
At the end of the course each student must prepare a term paper and present the obtained results.
This lecture is about the use of statistical methods and other problem-solving techniques to improve the quality of products used by our society. These products consist of manufactured goods such as automobiles, computers, and clothing, as well as services such as the generation and distribution of electrical energy, public transportation, banking, retailing, and health care. The word “quality” is often used to signify “excellence” of a product or service – we hear talk about “Rolls-Royce quality” and “top-quality”. Quality can be defined simply as meeting the requirements of the customer. Why it is so important? A customer who is satisfied with quality will tell 8 people about it; a dissatisfied customer will tell it 22 people. So, to reduce losses and increase gains of the company there should exist special procedures to detect the problems and in this way improve the quality of goods.
Quality improvement methods can be applied to any area within a company or organization, including manufacturing, process development, engineering design, finance and accounting, marketing, distribution and logistics, and field service of products. During this seminar, the students should get familiar with the technical tools that are needed to achieve quality improvement in these organizations.
Contents of the module:
Introductory lectures are planned. Besides that, a short revision of the next topics will be provided.
1. Introduction to Statistical Quality Control: meaning of quality.
2. Modeling Process Quality
- Useful discrete and continuous distributions
- Describing variation and descriptive statistics
3. Statistical Process Control
- Statistical basis of the control chart
- Choice of control limits
- Sample size and sample frequency
4. Shewhart Control Chart for the location parameter
5. EWMA and CUSUM Charts
Moreover, other important information concerning seminar papers and presentations will be mentioned during the first meeting.