Executive Pay: The Curious Case of Carlos Ghosn’s Arrest
February 12, 2025
A career personality test centers on finding what a particular individual is best at and for what types of jobs he or she will be suitable. This test helps professionals in understanding their priorities, career aspirations, desires and values and goals. It is not necessary to choose a career in a particular domain which you […]
Every organization that is engaged in production, sale or trading of Products holds inventory in one or the other form. While production and manufacturing organizations hold raw material inventories, finished goods and spare parts inventories, trading companies might hold only finished goods inventories depending upon the business model. When in case of raw material inventory […]
Why the West Faces the of Aging Boomers and Impatient Millennials and What to Do Every organization has a mix of employees belonging to different age groups in its workforce. Some of them are fresh recruits, some are middle aged, and a few are older and approaching retirement. While the junior and middle ranked personnel […]
Introduction The way business or commerce gets conducted has undergone a great deal of change due to the advent of information and communication revolution. In the last two decades or so there has been a phenomenal growth in e-commerce. Electronic commerce or e-commerce consists of buying selling and auction of various products and services through […]
Following are the main differences between Strategy Formulation and Strategy Implementation- Strategy Formulation Strategy Implementation Strategy Formulation includes planning and decision-making involved in developing organization’s strategic goals and plans. Strategy Implementation involves all those means related to executing the strategic plans. In short, Strategy Formulation is placing the Forces before the action. In short, Strategy […]
Six Sigma is a well-known management breakthrough. There is a dearth of experts who have defined the process in their own way and have come up with a long list of characteristics. However, according to us this performs a task of confusing people rather than actually giving them insight into the way Six Sigma actually works. The best way to describe six sigma would be to say that it is process focussed and data driven. At the crux that’s what it is, it is the application of statistical methods to ensure quality with consistency. The latter part of the article will explain this better.
The simple looking equation mentioned above can be described as the crux of the Six sigma philosophy. The component parts of the equation are as follows:
What the equation is actually saying is that the outputs we receive are the function of the inputs that we give to our process. Hence if we were able to control the inputs with precision, the outputs would also be controlled in a precise manner
Here is how a typical Six Sigma project works:
Hence the entire Six Sigma process is dependent upon the use of precise statistical controls. It uses numbers to define the desired state of outputs, the required inputs and whether the process is working as expected.
Along with being process and data driven, the whole Six Sigma philosophy is about being consistent. It is about sustained intensity rather than short bursts of power. Six Sigma focuses on developing the capability to deliver the same results over and over again with zero variance rather than delivering it once. Data is used to find out how the process should function, then numbers are used to keep a track of whether the process is functioning the way it was supposed to.
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