TIME CORRELATION CHART
What Is It
A time correlation chart is a tool to determine if
there is a relationship between two variables over
time. The independent variable is plotted on one axis
(x-axis), and the dependent variable is plotted on the
other (y-axis). Though the chart does not predict cause
and effect relationship, it does show the strength of
the relationship between the two variables over time.
In risk management, time correlation charts could be
used, for example, to show if a relationship of a
mitigation plan against product failures over time
exists.
When To Use
Use the time correlation chart to identify potential
relationship of two variables and its strength (after a
Cause and Effect Analysis).
Benefits
This tool
- Helps to identify relationships of two variables.
- Graphically represents data collected.
- Can identify trends before trigger values are
reached.
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