Mayank Gupta

Hello Tapati
 
Starting point would be identify the pain areas or the gaps or metrics that are missing the targets in the process.
- use tools like VOC: see if there are any customer complaints
- use VOB: see if there are any aspirational targets set by the HOD or Process Owners
- look at the process dashboard to see if metrics are in danger
- do a walkthrough of the process to identify bottlenecks and/or wastes
 
Regards
Mayank Gupta

FMEA is a risk assessment and mitigation tool. Current RPN is the risk assessment component. New RPN (after the implementation of the recommended actions) is the risk mitigation component. 
Recommended actions primarily improve the Occurrence and Detection rankings.
However, there is one scenario where the current RPN can change even without any recommended action - with passage of time, the Occurrence rank might change. The other rankings do not change in such a scenario.

Both appear to be same. Purely going by the name, Correction of Error seems to be focused more on Corrective Action. Whereas in CAPA, we first take the Corrective Action then also focus on preventive action so that the error does not re-occur.
Important thing - post corrective action, always think about preventive actions.

Hello Pradeep
 
Comparison proportion is not same as Margin of Error. Comparison proportion is the hypothesized proportion plus or minus the margin of error.
 
so in your case, if hypothesized proportion is 20% and margin of error is 5%, then comparison proportion will become 15% or 25%
 
Below is how you will enter the details in Minitab. (In Comparison proportion, you can also choose to enter any one value. If entering 2 values, give a space between them).
 

Consider the practical significance of rejecting the Null Hypothesis. If rejecting Ho results in practical gains in the process, then by all means reject it. 
Paired T test is statistically more powerful as compared to 2 sample T test, provided the external conditions are same. If the processing was done by same agent and on the same transaction (in context of service industry), then we can do the Paired T test. If the agents or transactions were different then 2 sample T test is a better option.

Blockchain is the new technology kid on the block
 
To understand what Blockchain is, let us understand its components
 
1. Encryption using cryptography: It is like lock and key. You lock the code using a particular combination. Anyone who knows the combination will be able to open the lock. This is how encryption works. In technical terms, it is called a key. There are two forms of keys - private and public. Private key is private while public key is the one which is available to all. In blockchain the public and private keys combine to form a Digital Signature. This provides strong control to the owner of the key
 
2. Distributed Network: Imagine two people doing a financial transaction using encryption. Only these two people will have the details of the transaction. In case of fraud or a dispute, there is no independent authority to decide who is right and who is wrong. In blockchain the details of the transactions are made visible to validators who are witness to the transaction. They approve and record the transaction using mathematical validations. The distributed network itself is the approving authority. Key details recorded in a block are the amount transacted, timestamp and the digital signature
 
3. Linking of the blocks: It is like building a chain. All the blocks in a chain are interconnected to each other using a cryptographic key. The linking of the blocks is done for safety requirements so that no one person can change the contents of the block. Even if a hacker wants to change the contents (in one block), he will have to make changes to all the following blocks, else the chain will break. The linking process is called mining, where unique cryptographic keys are identified to link the blocks. The unique cryptographic keys ensure that one block is not used again for another transaction thereby giving it a unique status
 
Using the above three components, blockchain offers the following advantages
 
1. High level of security
2. Open and distributed network
3. Decentralization
4. Low maintenance cost
5. Round the clock availability
 
Owing to the above benefits, blockchain is touted as the next BIG thing in banking and financial industry. Some of the common challenges which blockchain will address for banks are
 
1. Banks spend a lot of money in securing our transactions (but we still get to hear that some bank's databases were hacked)
2. Money transfer from one region to another is time consuming and involves a lot of middlemen (who charge a fees for their services). It is for this reason that money transfer is not free
3. Centralized server space for transaction data storage
4. Banking services are not available round the clock
5. Reconciliations to validate the numerous transactions taking place on a daily basis
 
All leading banks (Bank of America, Goldman Sachs, JP Morgan Chase to name a few) across the globe are aggressively looking at using blockchain technology for their services and are also investing in new tech startups working on blockchain technology