The customer satisfaction can be increased by using this, production cycle can be reduced, reduction of waste and reducing the cost of the project. Introduction:- 6 sigma is defined as the measure of perfection from deviation and measurement of defects in the process. Mainly the 6 sigma measures the deviation of the process from the quality. It is a approach and methodology for elimination of defects. This methodology can be used for improving the business process by statistical analysis.
Fidelity and hundred of others. .'. [Reference : http://www.investopedia.com/terms/s/six-sigma.asp] Difference Between Six Sigma and Lean Six Sigma: The lean approach of Six sigma is the same as The Original Six Sigma, they have the same goals that are to eliminate waste and increase the productivity which will surely increase their profitability; however it focuses on each process individually to check and determine if the product is of good quality and service.. If the process does not add the value , it is eliminated Using Six Sigma in AUTOMATED IT PROCESSES; IT is an area which is intially overlooked by the mangers of a company itself while the Six Sigma program is being implemented. This here, is a huge mistake as the Six Sigma Program is proved to be most beneficial in managing automated IT processes in most of the domains of the business Some Standard
Six Sigma concentrates on enhancing current business operations and production while Lean Manufacturing concentrates on the change of the operations of an association by utilizing profoundly gifted workers to enhance quality and speed. Consolidating the two approaches makes an association that spotlights on quality, efficiency and speed to bring down operational expenses and enlarge benefits. By taking after the Lean Six Sigma strategy, numerous organizations have aimed to make a lean, waste free environment essentially at the price of the representative and sometimes at the price of the association. Effects of Lean Six Sigma on the Employee and the
(Mahesh S Raisinghani, concepts, tools, and application of six sigma, 2005)The goal of six sigma is to reduce defects and this reduction of defective items yield higher customers satisfaction and finally increase business net income as well in Motorola. The application of six sigma help the Allied Signal in cost saving about millions as the six sigma was accounted for dramatic defects reduction and improvement in redesign of new processes. This six sigma also able to improve Allied Signal’s bottom lines and processes as the six sigma allow the employees to deal with these qualitative measurement and design a new management method for their own procedures and process in manufacturing organization. For General Electric company, the investment in six sigma for their company generated over $750 million cost saving in their operations. The implication of six sigma also enable them to have a new plant online by annually and enhance their performance in the productivity from year to year.
Thus, a quick ratio of 1.5 means that a company has $1.50 of liquid assets available to cover each $1 of current liabilities. The higher the quick ratio, the better the company 's liquidity position. Coca-Cola’s quick ratio is improving year after year. The company is over performing in its industry Efficiency Ratios Stock turnover: A ratio showing how many times a company 's inventory is sold and replaced over a period. The days in the period can then be divided by the inventory turnover formula to calculate the days it takes to sell the inventory on hand or "inventory turnover days."
IV. Solution: TVR Company should apply the 6 sigma DMAIC in order to anticipate the root cause analysis and process improvement. DMAIC roadmap is likely to suitable for the TVR Company because quality managers are not able to know the problems, root causes and solutions. Moreover, DMAIC provides many benefit to TVR Company including improve products quality, reduce the process line time, develop the staff skills, raise the respect between sections and drive the sales growth. (The Six Sigma Group, nd) 1.
The team described a case where Lean Production (LP) principles were adapted for the process sector of an automotive part manufacturing plant. Value Stream Mapping (VSM) is a key lean tool used to identify the activities that add no value for various lean techniques. Current State Map is drawn to document how things actually operated on the production floor. A Future State Map is developed to design a proposed lean process flow for LP initiative on a product through the elimination of the root causes of waste and through process improvements. The use of the VSM improved the approach in LP initiatives as it reveals obvious and hidden waste that affected the productivity of D45T production.
The company is able to deliver products according to retailer’s request improving its reputation as a “Good Shipper”. After acquisition, Newell transfers its technology to acquiring companies in order to deliver the products in the most efficient way. Acquiring companies learn new technologies from Newell and they both are able to develop the process. The company put through a process of streamline as known as “Newellization”. Growth through acquisition is extremely profitable to Newell’s corporate strategy.
Six Sigma is a technique containing procedures for the enhancement in quality of the process results by recognizing and eliminating the cause of defects and reducing inconsistency in any software procedures. It has tremendous advantages like it eliminates pollution, escalates customer satisfaction, lowers costs, decreases process cycle time, and increases profits. This efficient technique was established in 1986 by Motorola. (Wikipedia) This normal curve is basically the statistical representation of 6 sigma which shows that to attain 6 sigma a process must not yield more than 3.4 defects per million opportunities, meaning 99.99966% of all yields should be not defected. A defect in terms of 6 sigma is not fulfilling customers’ requirements.
IMPORTANCE AND BENEFITS OF CORPORTAE SOCIAL RESPONSIBILITY: Some of the benefits are provided below: a) Risk management: Engagement in corporate social responsibility activities helps the companies manage emerging social risks which may emerge as an offshoot of their operational activities. As a result the companies get a social license to operate, which helps maintain a positive image in the market and winning the confidence of people. b) Strengthened Brand Positioning: Through corporate social responsibility, companies can positively influence the perception of the people. Thus strengthening the brand image in the eyes of the consumers, community, regulators, employees and the suppliers. c) Increased sales and Market share: Consumers like to be associated with a company, which is ethical and has a positive image.