Microsoft Excel is excelling even further to help provide accurate data reports to assist in many different situations. Whether it is business or personal finance, Excel can provide many helpful and eye-opening charts to relay invaluable information. Some common charts used in the world of industry include the box-and-whisker plot, the basic control chart and the various Pareto charts. However, there is another important analytical capability of Excel that many users, even advanced users are unaware of and that is the Weibull analysis.
What is the Weibull analysis and how can in help in my business?
The Weibull analysis was named after its creator Waloddi Weibull and is basically used in analysis with regards to reliability. Such reliability components include things such as product life expectancy and determining which type of product in more reliable under various circumstances. Essentially, this helps to determine the appropriate warranty policy on many different industrial products. However, the Weibull analysis is multifaceted and has also been utilized to assist in things such as earthquakes, mortality rates, and weather forecasting. One of the popular uses in the industrial engineering field has been to create graphs showing manufacturing and delivery times. Also in reliability engineering it has been used for failure analysis. The reason the Weibull analysis may beneficial to you and your business is that it can help you accurately depict reliability data in helpful graphs and charts unlike other similar graphing and charting options currently utilized.
How can I utilize the Weibull Analysis?
There are many different methods and models out there on the web to help you work step-by-step to create your Weibull analysis, some are fairly complex but if you are familiar with many of the functions and lingo associated with Excel you shouldn’t have any problem integrating this into your business tool-kit. Some Weibull analysis directions are so explicit that they will list off steps such as number one “open excel” number two write “design 1” into box A1 and vice versa. Find a method that you feel comfortable with and go with it. Remember, the first time through may seem a bit tricky but once you are able to understand this analysis option, you will be so glad you took the time and diligence to work with it. In fact, those companies out there that use the Weibull analysis claim that it has been a huge money saving resource because they are now able to identify the key factors and along with the contributing factors affecting the reliability of their products thus putting them into a more financially feasible position.
To sum it up, Excel’s Weibull analysis option is full of benefits for any industry relying on charts and graphs to help depict reliability. Whether you are in the field of metal products or weather forecasting this tool has the ability to help you. Set aside an hour of your time, jump in and give this a shot. You may just be shocked by what your find out regarding the product life expectancy of your business’s products