Top 3 Trend Analysis Methods to Improve the Health of Your Business
Trend analysis is a statistical process performed to examine hypothesized linear and nonlinear relationships between two quantitative variables. Trend analysis methods can be used to examine and analyze a process, especially non-manufacturing processes like nonconformances, complaints, and deviations to aid in the decisions for corrective and preventive action (CAPA). Trend analysis methods can also help an organization to focus on the company’s limited resources, where they are needed the most. Like traditional control charts that are used for monitoring a manufacturing or production process, trend analysis charts are usually designed using alert limits, threshold limits, or action limits. When any one of these limits exceeds, it triggers an investigation to determine if further actions are required. With the help of experts, we at Infiniti, have come up with following trend analysis methods to help your businesses to grow:
Trend Analysis Methods
Geographic trend analysis
Geographic trend analysis is one of the most reliable and easiest trend analysis methods. This is performed by visiting a country, region, or city to identify the particular trend going on there and try to predict the rate at which it can progress in the future.
Temporal trend analysis
Temporal trend analysis is one of the trend analysis methods that allow analysts to study and model the behavior of a variable in a data set over a period of time. This is one of the trend analysis methods that is considered to be tricky for novices. This method can be a little misleading if it is applied to random activities or if a critical factor is left out.
Intuitive trend analysis
This is one of the most common trend analysis methods. It relies heavily on the ability of analysts to process and understand all the information about a topic and predict its outcome. These methods are extremely difficult to execute effectively because there are numerous external factors that shape the outcome.
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