The Importance Of Critical Thinking In Six Sigma Methodology free essay sample

Six Sigma is a method many organizations utilize for enterprise process improvement, which employs scientific and tactical method to reduce defects and variation in production processes and/or products. As a robust business improvement methodology, Six Sigma focuses the organization on customer requirements, process alignment, analytical rigor and timely execution (Dyad, 2010). Fundamental in its approach is the application of certain problem-solving methodologies such as DYNAMIC and root cause analysis.DYNAMIC, an acronym which abbreviates Defining Measuring, Analyzing, Improving and Controlling (opportunities and performance), is a means of measuring variation and defects and improving laity. Another methodology used by Six Sigma practitioners is an approach referred to as the 5 Whys, which is a method of isolating the root cause? of process variation and/or defects by asking What caused the problem? followed by Why? five consecutive times. After the fifth response is rendered, it is assumed that root of the problem will have been revealed. We will write a custom essay sample on The Importance Of Critical Thinking In Six Sigma Methodology or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Six Sigma seeks to improve business processes through the use of DYNAMIC as its approach, with the outcome of identifying root causes of opportunities and/ or defects, and improving corporate performance. Dyad, 2010). It depends upon business statistics and numeric data analysis to drive a course of improvement. By virtue of its systematic approach, the Six Sigma methodology does employ certain levels of Benjamin Blooms six educational objectives (Ellis, 2013), such as Understanding, Applying, Analyzing and Evaluating.However, it is the means by which and extent to which it does so that necessitates further inquiry. For example, as Watson points out, analysis is conducted to identify which steps in a process map add value and which do not. For those steps that add value, statistical optimization techniques are applied. Those steps which do not add value are either eliminated or minimized (Watson, 2004).While process improvements can be achieved in this measured, formulaic manner, Six Sigma does not, at its core, evaluate its effect on outcomes which may be more difficult to measure using its methodologies, such as morale, culture, corporate politics and power (Dyad, 2010). For example, although reducing a given process to its most fundamental elements may maximize process efficiency, it may also result in vanishingly boring or stressfully fast-paced work experience for the teammate carrying out the task.This may lead to an impact on employee morale so negative that the results may inveigh the efficiency benefit of adopting the new process. Similarly, deploying a new, highly efficient process ma y result in the corporate culture to shift from a culture in which employees, highly loyal to the organization, become disgruntled and less enthusiastic about their overall work experience. Additionally, while in theory, the 5 Whys may seem to enable the Sis Sigma practitioner to get to the root f the problem, does it take into consideration concerns the teammate may have about providing the wrong information.After all, merely utilizing the 5 Whys does not guarantee that the responses elicited will be honest or accurate. And an employee desirous of impressing the boss, or at a minimum, keeping oneself out of hot water, may not have as his/her primary objective, that of being honest and forthright. The integration on CT in employing Six Sigma methodology imparts a framework for thinking, not merely for advancing corporate strategic initiatives.It demands a more universal perspective on the possible causes, contributing factors, and climate for the development of the problem. CT brings to bear a focus on evaluating the impact of the problem and the implications of various methods of addressing the problem. Applying CT not only addresses the issue in a tactical, short-ter m manner, as does Six Sigma methodology, it also involves strategically examining whether the course of action determined to be the solution will be sustainable for the future, a consideration not addressed in Six Sigma.

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East Coast Yachts Assignment Example | Topics and Well Written Essays - 500 words

East Coast Yachts - Assignment Example In the traditional method, usually the institutional and large investors are involved while the Dutch auction process facilitates small investors to participate in the bid. Advantage with the Dutch auction is that the process can fetch price of the share close to its market value at lower expense. Hence East Coast Yachts needs to go for a Dutch auction to go public. The optimal size of the IPO can be calculated by assessing true needs of funds for at least 2 years of future operations after ongoing expansion. Raising $100 million when the company currently needs only $75 million means ECY will have advantage of increased liquidity or cushioning to face liquidity crunch that may arise due to unforeseen circumstances in the business. However, in this process the company’s equity base will increase by 33% putting unnecessary pressure on the company’s earnings per share. This is disadvantageous because lower earnings per share will fetch lower market price assuming same P/E ratio for ECY. After all, efficient financial management is a critical need for any company to enhancing operational performance hence cushioning of 5-10% is fine while raising money in public but raising $100 million (33% higher than current requirement) is certainly detrimental to the long-term financial health of the company (Dutch Auction IPO vs. Traditional Bo ok Building, 2013). It is pertinent to note that the company already provides audited financial statements to the SEC as part of its bond indenture incurring expenses of $325,000, however, that needs not to be counted as necessary expenses for this IPO. Crowe & Mallards will charge 7% as underwriting commission to the total issue of $85 million that will take away $ 5.95 million leaving $79.05 from the fund collected. While deducting above mentioned expenses of $2,543,500 the company will have