Improving Process Assignment Example | Topics and Well Written Essays - 2000 words

Improving Process - Assignment ExampleAccording to the reportthe statistical representation of half-dozen Sigma describes quantitatively how a cognitive process is performing. To win Six Sigma, a process must not produce more than 3.4 defects per million opportunities. A Six Sigma defect is defined as anything outside of client specifications. A Six Sigma opportunity is then the total quantity of chances for a defect. Process sigma can easily be calculated using a Six Sigma calculator.This study highlights that Six Sigma process advancement methodology provides a strong quantitative on process improvements which includes figures for budgets for the process improvement, expected & existing results / ROI of the process improvement project and data based statistical analysis of information which provides a very strong impact in terms of line of business benefits and value provided. This is a structured process improvement methodology which can be applied to any process or multiple processes at a time to line improvement opportunities and implement them in a controlled manner. The tools and techniques defined in Six Sigma methodology are very comprehensive as surface as worldwide purpose and greatly assist in ensuring that all the key aspects of the problem are appropriately analyzed and considered before suggesting a process improvement solution. slopped gateways or exit criteria for each phase of the Six Sigma Methodology ensure that all the steps are correctly performed and are adequately justified.... Benefits of Six Sigma Methodology for the Banking Process Improvement ProjectSix Sigma process improvement methodology provides a strong quantitative on process improvements which includes figures for budgets for the process improvement, expected & actual results / ROI of the process improvement project and data based statistical analysis of information which provides a very strong impact in terms of business benefits and value provided.This is a structu red process improvement methodology which can be applied to any process or multiple processes at a time to identify improvement opportunities and implement them in a controlled manner. The tools and techniques defined in Six Sigma Methodology are very comprehensive as well as general purpose and greatly assist in ensuring that all the key aspects of the problem are appropriately analyzed and considered before suggesting a process improvement solution.Stringent gateways or exit criteria for each phase of the Six Sigma Methodology ensure that all the steps are correctly performed and are adequately justified. Applying Six Sigma Tools to Banking Process ImprovementIn case of the banking process improvements scenario, there are two process improvement opportunities for which Six Sigma DMAIC methodology can be applied - Project 1 - To reduce major incidents in banking transactionsProject 2 - To improve the customer satisfaction for better service levels In both these cases, following the Six Sigma terminologies we deport to define what is an Opportunity and Defect in each case. Accordingly - Opportunity 1 - Banking Transaction and Defect 1 - Major IncidentOpportunity 2 - Customer Service Level and Defect 2 - Service Level For each project, in the Define phase, we have to specify the following