Step 1: Collect and Review Primary Information
February 12, 2025
Competitions such as the FIFA World Cup and Olympics are some of the biggest sporting events in terms of revenue. However, these events are based on physical sports such as football and athletics that are played in the real world. However, the world seems to be changing rapidly. Just like there are global competitions in […]
Not long ago, purchase function was seen to be a desk job, monotonous paper work, dull and passive and more of an administrative function. The purchase managements were the fall guys whose only aim was to keep feeding shop floor and avoiding stock out situation. Today the situation has changed totally. Procurement function is considered […]
Designing Supply Chain Network for each industry or business involves arriving at a satisfactory design framework taking into all elements like product, market, process, technology, costs, external environment and factors and their impact besides evaluating alternate scenarios suiting your specific business requirements. No two supply chain designs can be the same. The network design will […]
It is very interesting to study how Organizations and Businesses grow, evolve, change, mature and also decline over a period of time. Organizations are very similar to living entities that respond, react and evolve in relation to the external and internal environment that surrounds them. The survival and growth is entirely dependent upon the continuous […]
When an Organization chooses to outsource its inventory management services, the project success hinges on choosing the right partner because the stakes in a warehouse management projects are very high. Besides the impact on the other functions like manufacturing or markets, the third party service provider is the custodian of your inventory which meaning your […]
Having the best people execute the plan does not guarantee success. There are a host of external factors which may play a role in determining the outcome regarding whether a project has been successful or not. These are called Project risks. The formal definition of a risk is an event or occurrence that may negatively impact the project.
Risks can be mitigated and even prevented. However this requires a good amount of understanding of the risks and advance planning. It is for this reason that DMAIC methodology in Six Sigma has risk assessment as an inbuilt step. You cannot ignore it if you truly follow the DMAIC philosophy.
To better understand risks, it is essential that we understand that risks fall into categories. The major categories of risk are as follows:
An experienced six sigma team will usually give the risk assessment part to its most capable member. The better prepared the risk assessment plans, the better chance the organization has of successfully implementing that project.
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