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Introduction

7. Free CBSA Practice Questions Here

For some organizations, the key business driver could be profit, and that is applicable to many organizations. The organisations that focus on profit are the key factor or driver. For some, this could be market share; for others, it is customer satisfaction. Some look at efficiency as the key driver, and some look at product differentiation as a key driver for the organization, and you could see a number of these in different scenarios. Profit is something that is quite common. Market share or the customer gaining number of customersis important for organisations such as Twitter, Facebook, theirfocus is not on the profit as a firstgo, but more on getting more number of people,more engagement on the platform. Customer satisfaction may be important for some organisations that are customer-focused in order to achieve long-term success. Some might be focusing on efficiency—their own efficiency or the efficiency of the customers for whom they are working. And a product differentiation example could be, let's say, iPhone, where the differentiation of the key driver for the organisation is the differentiation of the product, which is separate from a number of other products in the market. So once you understand that in yourorganization, what is the key driver? That makes it easy for you to find out or look at the projects that you can do for improvement. When we talk of key drivers, our focus should be on having a limited number of drivers, and this is for the management-level people, not for the six sigma green belt. So the number of drivers in the organizationshould be limited because you cannot have numberof factors, you cannot monitor those factors. So when you want to measure something or when you want to monitor something, those need to be limited in number. And when you choose the drivers or the matrix for the organization, you must keep in mind that this must be measurable and quantifiable. These should show the current performance of the organization, and when you select drivers, it should be those that can be compared with the competitors or you can benchmark against your own performance because whatever measurement you are doing should have some purpose. You just don't want to measure something if you cannot act on it. And this is the last point here thatwhatever you are measuring, that should give youan actionable information, whether you are measuring profits,whether you are measuring number of customers gained,whether you are measuring the efficiency, whatever you'remeasuring as a part of your key driverfor the business that should be actionable. A key matrix is similar to the drivers. Matrix is something that you measure, and these measurements should be aligned with the driver. So if the company is focused on profits and profit is the key driver, then the matrix that you monitor or measure should be related to that particular driver. In the case of profit, let's say profit is the key driver for the organization. In that case, you can have a number of measurements, or metrics. These metrics could include, let's say, the cost of production, average sale price, profit margin, return on investment, and a number of others, but you need to be selective and give them some thought. That's what you're going to do with these measurements or this matrix. Now, if a company is focused on profits and you keep measuring or monitoring these things—cost of production, average sales—that's fine, but these are all for the short run. What about the long run? If the company is not growing, expanding, or expanding people's knowledge, then these things, such as the average sale price and the cost of production, will deteriorate over time. So when you have a matrix, when you have adashboard for the organization, where you see that, how yourorganization, how your department, how your function is doing, thatdashboard should be such that it should give you amuch bigger picture, rather than just being very selective on,let's say in this case, profits. And what is the solution for that? The solution for that is a balanced scorecard. A balanced scorecard gives you an overall picture of the organisation rather than just focusing on one or two specific components, which you think you want to monitor. So what we do to balance the scorecard is, rather than just focusing on a very select number of items, for example, profits, here we focus on four perspectives related to the organisation and develop the KPIs—or the key performance indicators—related to those. We developed KPI, we developed targets, and we developed the action plan related to each of these four points. And what are those four points? Four points are financial. So in the organization, you look at the financial success or the financial results of the organization. This is one portion of the balanced scorecard, or one perspective, or one window. The second perspective is the customer's. You look at the customer, at the stakeholders, at their satisfaction, and whether they're getting what they need. So that part of those measurements is related to customers. The third perspective is on internal processes: how you perform internally, what is your defect rate, what is your return rate, and how much time you spend on making something. Those are related to internal processes. So when you have a dashboard, you have all these four components in there. Rather than just focusing on profits and makingsure that your company is getting profits, ratherthan that, you focus on all these four. We talked about financial, we talked about the customer, we talked about internal processes, and the fourth one is learning and growth, whether the organisation is learning and growing or not. So parameters or things related to that or a matrix related to that are also put on this dashboard, which is the balanced scorecard. So this was about organisational drivers and a matrix. Understanding these is important for Six Sigma professionals because knowing what the company's goal is and where it is going will definitely help you in selecting the right projects and proposing those projects to the management for their approval. So this concludes the section on organisational drivers and matrix. So in the next section we will talk about lean principles in the organization. And remember that we are in the overview of Six Sigma, section one of the Body of Knowledge. We completed one A, which was Six Sigma and organisational goals. And now we will be moving to One B, which is lean principles in the organization. Let's look at that in the next videos.

8. Exam Pretest and Answer sheet

In some places, you will see the course title as Lean Six Sigma, and somewhere it will be Six Sigma. However, these two things are inextricably linked. Let's talk about what the key focus of Lean is and what the key focus of Six Sigma is. When it comes to lean, the key focus is on waste reduction. That's something you just keep in mind. When you think of lean, you think of waste reduction, and when you think of Six Sigma, you think of consistency; you think of reducing variation. So this is the key difference between Six Sigma and Lean. Now, coming back to lean principles in this section, we will be talking about two main topics. One is lean concepts, where we will talk about the philosophy, where we will talk about the theory of constraints, and where we will talk about waste. The second part will be on value stream mapping. We will look at this briefly here. In addition to these two topics, we do have some more lean topics that will be covered in Section 5C, which is the improved phase of the DMAC process. So there, too, we will talk about some of the lean tools. Now let's come back to lean concepts. We will discuss the philosophy of the theory of constants and wastes in this section. Let's get started. Before we talk about anything further, let's talk about the benefits of lean. We did talk about the benefits of Six Sigma earlier. Now let's look at the benefits of lean. As I earlier said, the focus of lean is to reduce waste, and that is the first benefit of implementing lean. that in lean, waste is reduced Waste is anything that is not a value-added activity. Anything that doesn't add value is a waste. That's why we focus here on lean to reduce waste. Another benefit of lean is to improve quality and customer satisfaction. Because whatever we do, we keep a focus on customer requirements. Anything that doesn't add value to the customer is a waste, and we reduce those wastes. That way, we improve the quality and improve customer satisfaction. Reducing inventory is another important aspect of the benefits of lean. Inventory is a big problem in the organization. It's not only the money that gets tied up in the inventory, but the inventory itself gets obsolete. You need to maintain the inventory, and inventory is the cause of a number of other problems. defect gets hidden in the inventory. So we will talk about that a little bit later. But reducing inventory by itself is a good benefit of lean. Lean reduces cycle time because we try to remove all those activities that do not add value to the client. That way, we reduce the cycle time. Lean looks at flexible manufacturing, where we can change the model from one model to another that quickly uses or handles one item at a time. That leads to flexible manufacturing. Another consideration is safety when employing tools such as the five S, which assist us in maintaining and making our workplace safer. And as we implement Lean, we do engage employees in this process, which leads to employee morale increasing. Because employees are involved in the process, they are engaged in improving processes, and that improves the employee more.

Blockchain 101

1. Blockchain Terminology

Now we'll look at the DMAC process of process improvement. D stands for define, m stands for measure, a stands for analyse, I for improvement, and C for control. And these are the next five sections in this course. So now we are at the defined phase. And here we will be looking at how to define a problem. And if you think that defining is simple, like saying, "OK, we have 5% defects now, and we want to reduce that to 1% defects in three months," think again. That's defining the problem. but it's not as easy as you think. There are a number of things that you need to do in the defined phase. It's not just defining the problem. You just need to lay the groundwork for this project to go forward. So, let's take a look at what we'll be covering in this topic. The first one is the project identification. And we did talk about this earlier as well, where we looked at internal and external sources for problem identification. Then we will talk about the voice of the customer. Any Six Sigma project has to be aligned with what the customer is expecting. So we need to understand the voice of the customer. So we will understand the concept of the voice of the customer here. Then we will talk about the project management basics. And if you are thinking that, why do we need to do project management basics here? Because what you're doing right now as part of a Six Sigma project is a project. This project is just like buildinga bridge, building a refinery. That's the project here. This is also a project. The difference between production and the project is that in production, you keep on producing something. Let's say you are making water bottles, so you keep on making bottles day after day, month after month. But what you do in a project is thereis a starting date, there is a finishing dateand there is a result expected out of that. So you need to manage that project. That is what we will learn in the project management basics. Then we will talk about management and planning tools. There are seven basic quality tools, which you probably know by now since you have done Yellow Belt. But then there are seven advanced tools as well. And these advanced tools are also called planning tools. So we will talk about those seven advanced tools or management planning tools. Then we will talk about business results for projects. Since you are doing this project to improve something, what will be the result of that? How will you monitor whether you achieve your objective or not? One of the items in this is DPMO, or the defects per million opportunities that will tell whether your process is improving to the Six Sigma level or not. So we will talk about the cost of quality DPMO and many other things related to business results for projects. Then we will talk about team dynamics and performance. A Six Sigma project is done as a team. It's not one person's activity. So you have a number of people who work as a team and do this Six Sigma project. And for that, you need to understand how teams work. Understanding that will help you successfully complete your Six Sigma project. So this is what we will be covering in the defined phase. Let's get started with the project identification in the next video, which is the first item and which we have already covered previously. But we will quickly go through that in the next video. Let's see that.

2. Blockchain Components

In project identification, we will be talking about project selection. This is something about which we have talked earlier as well. We will quickly go through that. Then we will talk about process elements, which include input and process output, and we will even talk about how processes cut across multiple disciplines or multiple functions and what the importance of that is. We will talk about that in Part 2 of this. In Part Three, we will talk about benchmarking. When you want to improve the process from one particular stage to another, you might want to know how the best-in-class companies are doing. Knowing this will help you recognise that this is the level to which you can elevate your processes. That is done by a process called benchmarking. So we will talk about benchmarking in the third part of this section. And then we will talk about process input and output. And here we will talk about an important tool called SIPOC: supplier, input, process output, customer. Then we'll talk about owners and stakeholders, because each process has a person who is in charge of it. So if you want to improve a process, you need to take the owner of that process into confidence.Understanding who the stakeholders are for that process is critical because you can then determine what their needs are. And if you meet that goal with your project, then your project will definitely be supported by these stakeholders. So these are the things that we will be covering in project identification. Let's quickly go through project selection, which we have already done. So when we talk about project selection, there are two broad sources for selecting a project. external sources or internal sources. External sources include the voice of the customer, the voice of the market, and the voice of competitors. So looking at that will help you identify a project. Then coming to internal sources, there are internal sources, which you get from the voice of the process. The voice of the process will tell you where or in which process defects are being produced, where a lot of repair is being done, and what the major delays and wastes those willbe told by the voice of the process.And of course, employees or the people who are working on the process can definitely help you find out where things could be improved. So these are two broad sources of project identification. internal and external sources. So we even talked about this slide as well, where we talked about ground roots, which are logical or intuitive things that you can do to immediately correct or improve the process. Then there are low-hanging fruits for which you could use seven basic quality tools to analyse the problem and take action on it. And then you can use six sigma for the bulk of fruits or the sweet fruits, which are the top of the layer. So we have already talked about this, identifying what type of project is a ground fruit, what type of project is a low-hanging fruit, and what type of project actually needs what? Six Sigma is important, and we did talk about this as well, where we said that a Six Sigma project, to be qualified as a Six Sigma project, needs to have three of these characteristics. One is that there should be a gap between the current and the desired performance. And if there's no gap between what you expect and what the current status is, there's no point in doing any project. The second point here is that the cause of the problem is not clearly understood. You might know that. This might be the cause, but it's not clearly understood. Then you only go for the Six Sigma approach to get to the root of the problem. And then the third qualification for a Six Sigma project is that the solution is not predetermined or the optimal solution is not apparent, even though you might know that this is the solution, but that might not be the optimal solution. You might know that, okay, by tweaking this machine, I can get more output, but that might not be the real optimal solution. So, only if these three things are met, if these three criteria are met, can a Six Sigma project be considered. So this is how you select a project for Six Sigma. The next thing would be understanding the elements of the process. There we will talk about input, processing, and output, and we will talk about how processes cut across multiple disciplines.

3. Objective - The difference between proof of work, proof of stake, and other....

And there is a feedback mechanism that helps in improving the output. So if you want to improve the output, then you need feedback, which goes to the input, and then you tweak the input so that your output meets the requirement. This is broadly true; you can say that any process works. In the Six Sigma world, we use the term "y is equal to FX," where y is the output and x is the input. So that means the output is the function of the inputs. If you want to improve output, you need to change inputs for that.A process is a series of steps that produce a product or service. So if you want to improve the organisation, you need to improve processes. And this is what the Six Sigma philosophy works on: improving processes. You take one process, look at the output, and if the output is not meeting the requirement or not meeting the expected level, then you do a Six Sigma project. You tweak inputs and make sure that your output or the desired result is achieved. One important thing that we need to understand is that when we have a process, that process cuts across multiple disciplines or multiple functions. So when you do a Six Sigma project, let's say your project was on order fulfillment and how quickly you fulfil an order. You receive an order, you produce something, and you deliver this to customers. And let's say you take seven days for that, and you want to improve this order fulfilment process so that you complete it in one day instead of seven days. So this is one of the processes that you want to improve. One thing that you need to understand is that this process of order fulfilment cuts across multiple areas and multiple functions. If you see the diagram here, the order goes first to Sales. Then the output of the sales department becomes the input of manufacturing. Manufacturing does the manufacturing of that particular piece. Once this piece is manufactured, that becomes the output of the manufacturing process. Manufacturing output is transformed into logistics input. So logistics takes that item, delivers it to the customer, and the next is account receivable. So now if you see that one particular process of order fulfilment cuts across multiple departments and multiple functional areas, understanding this is important because whatever Six Sigma project you are doing, you will be dealing with multiple parties, multiple disciplines, and multiple functions. That is why, in most Six Sigma projects, a team of people drawn from all of these departments will be assembled. So let's say if you want to do this project of improving the fulfilment of orders, then you will have a team that will consist of a person from sales, a person from manufacturing, a person from logistics, and a person from account receivable. Together they will be doing a project, seeing where the problems are, where the delays are, and how these delays could be reduced so that instead of seven days, we can fulfil this order in one day.

4. Cryptocurrency Needed or not?

Here in this video, we will understand what benchmarking is and what types of benchmarking we have. Let's start with the definition of benchmarking. So here I have the definition of benchmarking. Benchmarking is the process of comparing two things, namely, business processes and performance. Compare that with the industry-wide best practises from other companies. So this is basically a comparison between what you have and what the best in the class has. Best in class could refer to any company or organisation that performs that particular process or product as best in class. So this is what benchmarking is. Since you want to compare your performance with someone else, why not compare that with the best in class? Because if you know what the best in the class can do, you can target that to achieve it. If you have a 10% repair rate and Bestinclass has zero percent, then what's the point of doing a project where you want to take your defective percent from 10% to, let's say, 5% or 2%? You know that there is someone who is up to.1%, so why not target that? So this is where benchmarking comes into play when you are selecting a project. What types of benchmarking do we have? Here I have one classification of benchmarking, and then I will talk about one more classification of benchmarking on the next slide. So there are three types of benchmarking. Process benchmarking, performance benchmarking, and strategic benchmarking What is process benchmarking? Process benchmarking is related to a process, let's say a delivery process or a billing process. How does your billing process or your delivery process compare with the best in class? That's process benchmarking. But instead of comparing the process, if you are comparing the product or the feature of the product or service, then that will be called the performance benchmark. In a performance benchmark, what you are looking at is your product or your services and how they compare with the best-in-class product or services. So, let's say you're a car manufacturer, and you have a certain mileage that this car provides, and you're comparing that mileage to the best in class mileage. So here, you are not talking about the process. Here, you are talking about the product or service. So this was a second type of benchmarking, which was performance benchmarking. The third type of benchmarking is strategic benchmarking. In strategic benchmarking, we are neither talking about the process nor the product. Here we are talking about howcompanies in overall performing, how doyour company compete with other companies. So that will be our strategic benchmarking. This is one classification of benchmarking. Now let's look at another classification. So here we have two types of benchmarking, internal versus external benchmarking. In internal benchmarking, what we do is say you have a number of departments or locations. What you want to do is compare the performance of one particular location or one particular department to that of the best in class within your organization. You're not going outside the organization. Let's say you have ten plants and one of the plants is making, let's say, 0% of the defectives and your own plant is making, let's say, 2% of the defectives. I'm just keeping things simple here. So what you want to do is compare your performance with that of that particular plant, which is within your own organization, which has, let's say, 1% defective, as compared to your plant having 2% defectives. So here the comparison is within the organization. The good thing about this is that you have easy access within your own organization. So from one location to another, you can go, you can look at the way they do things, you can ask for detailed information, and you will get all that information because this is within your own organization, which would not be possible if this was an outside organisation or a different organization. Another advantage of internal benchmarking is that you need less time and resources because this is within your organization. You will have all that data, information, or knowledge that you want. You can easily access that. However, the disadvantage of internal benchmarking is that the gains may be limited because what is being compared is not the best in class in the entire world. What you are comparing is just within your own organization. So even though this is easy to do, you have free access to information and material, but then the gains are also limited. So your internal benchmark might not be the best in class. So this is just the best in your own organization. So with that limitation and the benefit of having easy access, you do internal benchmarking. As against internal benchmarking, external benchmarking is just the opposite of what we discussed. Related to internal external is slightlydifficult to get access to. You need more time and more planning to do external benchmarking because here you are looking at access to an external organization. But here the gains also might be is big becauseyou are comparing your performance with the best in class.

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