Executive Pay: The Curious Case of Carlos Ghosn’s Arrest
February 12, 2025
The retail sector has some unique financial needs. There are various types of retail establishment across the world which use different types of arrangements to fund their day-to-day capital needs. The larger and more sophisticated retail chains have access to formal loans from banks. However, this may not be the case for small and medium […]
What is Capitalization Capitalization comprises of share capital, debentures, loans, free reserves,etc. Capitalization represents permanent investment in companies excluding long-term loans. Capitalization can be distinguished from capital structure. Capital structure is a broad term and it deals with qualitative aspect of finance. While capitalization is a narrow term and it deals with the quantitative aspect. […]
Teams are formed when individuals with a similar interest, taste, need and even attitude work together to achieve a common goal. Conflicts must be avoided among the team members so that they are able to concentrate on their work and do not lose their focus and concentration. Every individual is not a good team player […]
Successful organizations evolve at lightning speed for remaining competitive and gaining a winning edge across the industry. This can be fulfilled by building the adaptive mechanisms and proactively dealing with the environmental pressures and responding to the changing needs of the present times. By adopting a holistic approach, visionary leadership as well as support from […]
Occupational Safety and Health Administration, an agency of the United States Department of Labor, was created on December 30, 1970. Formed under the Occupational Safety and Health Act, its mission is to ensure safe and healthy conditions at workplace in order to prevent work-related illness, injuries, diseases and wrongful deaths by setting and implementing safety […]
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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