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.
Employee Retention tips to prevent attrition diagram
Here are the key interview preparation steps. This will help you pass the interview: 1. Research the company you are applying to. 2. Practice answers to most frequently asked questions. 3. Know your resume and your past experience well and be able to present impact of what you’ve done in the past, 4. Practice charm. The below diagram depicts some of the steps to ensure you pass the interview
You need to present your best self in an interview and increase your chances of employment: Conduct research. Dress appropriately. Bring a notepad, and copies of your resume. Be prepared for hard questions (don’t give a generic I am a perfectionist answer when asked about your weaknesses). Prepare your questions as it shows your interest and what you care about. Use facts and figures to show your achievements. All of this will help you pass the interview. The diagram below summarizes steps on how to pass a job interview.
How to Increase Profits for a Business – in short increase revenue and decrease costs. You need to generate more sales while reducing expenses. To increase sales invest into Marketing, improve sales employee performance, try to sell more items and or see if you can upsell and expand product offering.
Reducing costs, means being more effective operationally, which means reducing waste, doing things just in time, maximizing your employee productivity. All this should lead to more profit. The below diagram depicts ways to increase your company’s profits.
Kanban lsts things when they are done, while Scrum uses Sprints to break down and plan the work.
Kanban methodologies are continuous and more flexiable, whereas scrum is based on short, structured work sprints. Both are agile concepts. The below diagram summarizes the difference between Kanban and Scrum.
Types of Critical Thinking Skills Observation. A key type of critical thinking skill involves observation — you use this to gather information about a… Analysis. Analysis is another component of critical thinking. It is a way to evaluate what it is that you observe, for… Inference. Inference is …
types of thinking – Creative thinking, critical thinking, analytical thinking, divergent thinking, convergent thinking, holistic thinking, linear thinking
Observation. A key type of critical thinking skill involves observation — you use this to gather information about a process, for example. There are basically two types of observation, direct and participant. Direct observers try not to engage with a process, while participant observers may interact.
A bottleneck analysis is a process understanding where issues occure in the flow of products or process especially where the work takes longer to complete.
Process bottlenecks are among the reasons why processes slow down, projects get delayed, cost overruns occur, and the whole process becomes unpredictable. Instead of fighting the symptoms, try to understand where the bottleneck occurs by creating a simple bottleneck analysis and then trying to solve for the issues that cause the bottleneck in the first place.