Step 1: Collect and Review Primary Information
February 12, 2025
Definition of Six Sigma Six Sigma is not a mere methodology or a quality tool. It is a philosophy i.e. a systematic way of thinking to solve quality problems. Six sigma involves use of statistics to convert raw data into facts about how the processes of the organization are being run. The thrust is on […]
Canada and Mexico are the second and third biggest trade allies for the United States. Historically these nations have had a healthy relationship with very few trade disputes. This is the reason why the North American Free Trade Agreement, i.e. the NAFTA was said to be successful. However, President Trump has been extremely critical of […]
The integration of cutting-edge technology with financial services has resulted in several innovative methods and tools which use sophisticated technology to serve potential clients better. One such innovation in financial services is the use of Robot Advisors or Automated Software also known as Bots to connect retail customers with the financial institutions. Worldwide, there has […]
How Access to Knowledge Has Been Restricted Down the Ages to the Present Times We live in a Digital World where the Virtual has replaced the Physical and where the internet and other technologies rule the world controlling and moderating every aspect of our lives. As the cliche that Data is the New Oil gains […]
Types of Foreign Investment and its Implications for Developing Countries With the opening of the economies of the world, there has been a concomitant increase in the flow of investment from the west to the east. As capital from the west started flowing into the developing countries in search of better yields, these countries are […]
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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