Design and Analysis of Experiments are the way that Applied Business Statistics are used for customization, to fulfill the specific and individual needs of any firm, large or small.
You’ll receive a complete education about Applied Business Statistics, plus dozens and dozens of real-world examples, in a brand new publication – The Journal of Applied Business Statistics. But that’s just one way the Journal can help your enterprise become more successful and profitable. Next, let’s touch on another information super-power – Lean Six Sigma.
Lean Six Sigma
Lean Six Sigma (LSS) is a powerful applied statistical methodology that can propel your organization to peak performance. Its three main missions? 1) Eliminate waste. 2) Save financial and natural resources. 3) Raise your firm’s operating efficiency — which is key to a healthy bottom line.
What is Six Sigma?
Sigma uses the Greek letter σ, to measure Process variability.
Six Sigma is a highly effective process improvement technique, with proven problem-solving principles. A company’s performance is measured by the sigma level of their business processes, and every business aims for virtually error free process performance. The standard for most companies is a performance level of three or four sigma, which equates to a sigma level of 6,200 and 67,000 process defects (errors) per million opportunities. A Six Sigma level of performance is 3.4 defects per million, which is the level of performance customers expect. The fundamental objective of the Six Sigma strategy focuses on process improvement and variation reduction.
What is Lean?
Lean Means Eliminating Waste!
As we start our lean journey, we’ll address two main activities: Value Added Activities and Non-Value-Added Activities.
Value Added Activity refers to activities that a customer would be willing to pay for, towards their final saleable product or service.
Non-Value-Added Activity does not add value to the product, service or process. These activities do not create value to the customer or the customer’s specifications. These activities are considered waste, and should be eliminated, reduced or simplified. It has been found that 95% of process activities are non-value added, and only 5% add value to the product or service!
You can understand why Lean Six Sigma (LSS) is one of the most powerful process improvement tools available to transform any business or organization by enhancing customer value, boosting operational efficiencies, improving quality standards, and most importantly, improving revenue and profit margin. To achieve and sustain these performance goals, The Journal of Applied Business Statistics will include four LSS approaches to resolve performance issues, which have been successfully incorporated at several Fortune 500 Companies, with significant financial returns. You will learn about:
- Accelerated Fast Track Project
- Kaizen Event
- The ‘One Page’ and ‘Quick Win’ Event
- The Advanced LSS Certifiable approach