It is a conceptual paper that takes at in-depth look at the origins, pros and cons of Six Sigma and describes how it relates to some of the other quality initiatives in industry. DMAIC strategy of Six Sigma is briefly explained and realised the significance of analysis phase, specifically....

Recent advances in statistical computation heavily depend on Monte Carlo simulation methods. In many statistical problems, simulated values are used to check or justify any rule whose distributional properties are not known or very difficult to compute. Monte Carlo simulation methods have...