Step 1: Collect and Review Primary Information
February 12, 2025
China is now the second largest economy in the world. As a result, it wants to increase its might in different parts of the world. Over the past few years, China has started using an ingenious model to force smaller nations to bend to its will. There have been several casualties of China’s aggressive foreign […]
Supply Chain Management is concerned not only with the flow of raw materials and finished goods, but scope extends beyond this to include reverse flow of unsold finished goods, parts and packaging materials from the point of consumption at customer’s end back to the organization or to rework/refurbishing vendors. Today reverse logistics has been adopted […]
The first step in the measure phase of a six sigma project is to create a detailed process map of the processes and sub-process under question. Participants often get confused between a high level process map and a detailed process map. This article will help articulate the link as well as the differences and clear […]
What is Innovation and how did it evolve? Innovation is commonly known and defined as the ability or skill to improve existing processes and to come up with a better way of doing things. On the other hand, the invention is understood to be an entirely new way of doing things. Thus, whereas innovation is […]
In previous articles, we looked at how the BPO phenomenon has played itself out in India and other Asian countries that have derived humungous benefits to their economies. In this article, we look at the other side of the coin i.e. the benefits that accrue to the economies of the Western countries as they outsource […]
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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