DMAIC Phase Tools Used: Define – Define project goals and customer deliverables, develop Problem Statement, Goals and Benefits; Identify Process Owner and Team Members; Define Resources; Develop Project Plan and Key Milestones
By using Lean Six Sigma DMAIC approach, companies bring proven tools and techniques to decrease variation, reduce defects and make operations more efficient. The Lean Six Sigma methodology uses the acronym DMAIC, which stands for Define, Measure, Analyze, Improve and Control.
Data can be misleading and so can be visual representations of the data. For examples graphs, can often be created so that they mislead statistics.
Someone still needs to interpret data and the same piece of data can be interpreted in different ways. For example, if something takes a long time to complete, you may say that the current process in broken and needs fixing or you can say the process is working as intended but requires more resources. Same data point, may trigger different decisions and can be misleading. One decision, is changing the process, the other is investing more resources into it.
Financial Ratio Analysis diagram below presents key ratios used in the analysis of company’s financials. These financial ratios are mathematical comparisons of various components of the financial statements. These comparissons help investors and company management understand how well a business is doing overall and in relation to competitors.
What is Ratio Analysis? Ratio analysis is a mathematical approach in which various financial ratios of an organization are taken from the financial statements and are analysed to understand company’s financial and operational performance.
Employee retention strategies to significantly reduce attrition rate are shown on the below diagram. The process of employee retention starts earlier than employee onboarding. A lot of companies, have a pre-placement questionnaire for the interviewees that helps identify the best fit. This will help down the line withe employee retention.
To minimize employee attrition it is important to be aware of the root causes of Employee Attrition. These include mismatch of job of the person. Lack of investment in to employee in terms of training. Poor culture and management, indadequate pay.