Successful Deployment of Lean Six Sigma in The Banking Industry
The term Six Sigma is originally associated with the statistical aspect regarding a quality performance of a product produced in a manufacturing process. When the variation of the product feature is reduced to such an extent that the upper specification limit (USL) and the lower specification limit (LSL) defined by the design engineer can cover six sigma (6s) of the process standard deviation, and the process average is right aligned the middle point of specifications, the defect rate of the manufacturing process is nearly zero (0.002 parts per million). This situation is shown in Figure 1 (a). Even when the average of the process is shifted left or right 1.5 sigma, the defect rate remains very small (3.4 parts per million). This case is shown in Figure 2 (b).
Figure 3. Defect rate when process is controlled in 6s (Besterfield, 2013)
The Six Sigma approach has gone far beyond the statistical aspect. It has been more and more recognized as an effective methodology for achieving, sustaining and maximizing business success, owning to cost and shortage of natural resources (such as petroleum), waste disposal, and corresponding environmental problems along with the pressure from government regulations at different levels in recent years. Distinguished from other methods, the Six-Sigma emphasizes the use of facts through data collection and statistical data analysis to identify and solve problems with the ultimate goal of increasing customer satisfaction and business excellence. The increase of manufacturing globalization and competiveness created a need that employees should prepare and have the know-how of Six Sigma. Focusing on one business sector, write a literature review paper about the Six Sigma and the role of training on Six Sigma and business success. The following sections MAY be included:
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- Brief introduction about Six Sigma
- How does training help build Six Sigma tools and improve business metrics?
- Are there any formal or informal Six Sigma training programs/curricula/professional development programs available in the US? Provide one or two examples of the Six Sigma training program(s).
- Are the current training programs/curricula aligned/professional programs with the industry need? Here you should provide critiques based upon your reading, understanding and experience.
- What insights would you provide in order to improve the current training and practice about Six Sigma to prepare the necessary know-hows?
Conduct literature review by reviewing at least ten journal papers in the recent ten years and write a eight-page research paper (without including reference list) to address your understanding/reflection/insight about Six Sigma in the focused industry sector in using 12-font and double space. The paper should be written in a well-organized way by applying APA format.