Step 1: Collect and Review Primary Information
February 12, 2025
Introduction Proliferation of information technology has increased in the last decade. Today’s organizations are acknowledging the importance of information systems. It has been accepted worldwide that information system provides competitive edge and are the bedrock for innovation. The six basic functions of information systems are capture data, transmit data, store data, retrieve data, manipulate data […]
What is a Project Charter ? A Project charter is a 5 to 6 page document which collects all the information that has been developed in the previous steps and puts it in a central location. The Project charter serves as the constitution which governs the working of the project and disputes if any that […]
With the globalization of the world economy, there has been a concomitant rise in the number of companies that operate globally. Though international business as a concept has been around since the time of the East India Company and continued into the early decades of the 20th century, there was a lull in the international […]
From Oxcart to Wal-Mart As more and more international retailers make a beeline for emerging markets like India, China, Nigeria, Mexico, and other markets, it is important for these retailers to embrace the chaos and duality that is inherent to these markets. For instance, in India, more than 95% of the retail market is dominated […]
The next step in the Six Sigma journey is to have a clearly defined problem statement that will guide the team throughout the execution of the project. Here are a few tips which give us an insight into how a project problem statement must be developed. What is a Problem ? As per a layman’s […]
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.
Your email address will not be published. Required fields are marked *