Improving Process Assignment Example | Topics and Well Written Essays - 2000 words

Improving Process - Assignment Example According to the report  the statistical representation of Six Sigma describes quantitatively how a process is performing. To achieve Six Sigma, a process must not produce more than 3.4 defects per million opportunities. A Six Sigma defect is defined as anything outside of customer specifications. A Six Sigma opportunity is then the total quantity of chances for a defect. Process sigma can easily be calculated using a Six Sigma calculator.This study highlights that Six Sigma process improvement methodology provides a strong quantitative on process improvements which includes figures for budgets for the process improvement, expected & actual results / ROI of the process improvement project and data based statistical analysis of information which provides a very strong impact in terms of business benefits and value provided. This is a structured process improvement methodology which can be applied to any process or multiple processes at a time to identify improvement opportunities an d implement them in a controlled manner. The tools and techniques defined in Six Sigma Methodology are very comprehensive as well as general purpose and greatly assist in ensuring that all the key aspects of the problem are appropriately analyzed and considered before suggesting a process improvement solution. Stringent gateways or exit criteria for each phase of the Six Sigma Methodology ensure that all the steps are correctly performed and are adequately justified.... Benefits of Six Sigma Methodology for the Banking Process Improvement Project Six Sigma process improvement methodology provides a strong quantitative on process improvements which includes figures for budgets for the process improvement, expected & actual results / ROI of the process improvement project and data based statistical analysis of information which provides a very strong impact in terms of business benefits and value provided. This is a structured process improvement methodology which can be applied to any process or multiple processes at a time to identify improvement opportunities and implement them in a controlled manner. The tools and techniques defined in Six Sigma Methodology are very comprehensive as well as general purpose and greatly assist in ensuring that all the key aspects of the problem are appropriately analyzed and considered before suggesting a process improvement solution. Stringent gateways or exit criteria for each phase of the Six Sigma Methodology ensure that all the steps are correctly performed and are adequately justified. Applying Six Sigma Tools to Banking Process Improvement In case of the banking process improvements scenario, there are two process improvement opportunities for which Six Sigma DMAIC methodology can be applied - Project 1 - To reduce major incidents in banking transactions Project 2 - To improve the customer satisfaction for better service levels In both these cases, following the Six Sigma terminologies we have to define what is an "Opportunity" and "Defect" in each case. Accordingly - Opportunity 1 - Banking Transaction and Defect 1 - Major Incident Opportunity 2 - Customer Service Level and Defect 2 - Service Level For each project, in the "Define" phase, we have to specify the following