Search in Indianmoney's WealthPedia

Browse by words

Home > Financial dictionary > S > Seven Tools Of Quality

Seven Tools Of Quality

Definition of Seven Tools Of Quality

Devices used in understanding and improving production processes. Tool 1: Cause and effect diagramÔÇövisual representation of the main causes and sub-causes leading to an effect or symptom, also called fishbone diagram (after its shape) or Ishikawa diagram (after its inventor). Tool 2: Check sheetÔÇödata recording table (matrix) designed by the user to facilitate the recording and interpretation of test results. Tool 3: Control chartÔÇövisual representation of comparison between actual performance and pre-determined control limits; helps in detecting assignable causes of variation, also called C chart. Tool 4: FlowchartÔÇövisual representation of relationship between planned performance and actual performance over a period. Tool 5: HistogramÔÇögraph of side-by-side vertical bars representing a frequency distribution; it reveals patterns that remain hidden in tables of numbers, sometimes it is substituted or supplemented with a Gantt chart. Tool 6: Pareto chartÔÇöbased on Pareto principle (a small percentage of the elements comprising a group accounts for the largest fraction of the value or the impact), it ranks causes from the most significant to the least significant. Tool 7: Scatter chartÔÇögraph that displays the relationship between two variables; the variable to be predicted (dependent variable) is plotted on the vertical ('Y') axis, and the variable used to make the prediction (independent variable) plotted on the horizontal ('X') axis.

You Recently Read

Financial Dictionary

What is Financial Dictionary?

Financial Dictionary is a dictionary or database that contains the meaning of all financial terms. Financial Dictionary has been created to help anyone, interested in understanding financial terms. It is extremely important to know what the financial terms mean when signing on terms and conditions. When availing financial products, you can be easily cheated if you don’t know what you have signed up for. To avoid this, you must be aware on what the terms really mean.


Who is this Financial Dictionary for?

We have developed this Financial Dictionary that could be used by anyone for free on our website. We have provided the meanings of almost all the financial terms along with the context in which they can be used. If you have lingering doubts on any financial term, then all you must do is log on to our website and check out the Financial Dictionary.


Why do you need to refer a Financial Dictionary?

If you wish to invest in the stock market, then it is extremely important to understand each and every term associated with it. A small misunderstanding can lead to huge losses in a matter of few seconds. It is only wise to know the meaning of all the terms before investing. The most comprehensive Financial dictionary covering all the financial terms. Brought to you by India's largest Free Financial Education company -


What happens if I don’t refer a Financial Dictionary?

If you are planning to avail a Home Loan, then it is crucial for you to understand under what conditions your bank is sanctioning the loan. You must understand each and every term written on the loan agreement or else you will end up choosing a lender who charges high interest or with tough terms and conditions. To avoid this, just log on to our website and understand the meaning of financial terms with the Financial Dictionary.


Consequences of Misunderstanding a financial term

If you want to invest in a financial product, you must understand various financial terms. Not doing this could mean losses. Many financial intermediaries misguide you to make quick profits. You can avoid this by understanding financial terms and make smart investment decisions.


Uses of Financial Dictionary

If you are a Financial Advisor, then it is extremely important to stay updated on the latest financial terms. We at update all the new terms used in personal finance in the Financial Dictionary. You can refer and update yourself, to serve clients effectively. This is a double bonanza of increasing your efficiency and fetching clients more money.


How does our Financial Dictionary work?

Our Financial Dictionary has three main categories. First being ‘Most Searched Words’. These are the terms/words that are generally used in finance. You can just click on the words to know their meaning. Second category is ‘Recently Added Words’. These are the terms/words that are new to finance but have significance. Third being ‘You Recently Read’. If you have previously used our Financial Dictionary, then the words checked and their meaning would be displayed under this category.

Be Wise, Get Rich.


This is to inform that Suvision Holdings Pvt Ltd ("") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.