Operational Management

What is Six Sigma?

Six Sigma is actually a set of statistical techniques and tools for process improvement, which is a system implemented with the aim of reducing the possibility of defects and improving processes. That group of statistical techniques and tools – 6 is an abbreviation for standard deviations. Mathematically a Six Sigma process means 2 defects per billion opportunities. […]

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Pareto Chart analysis

Pareto chart analysis is statistical methodology to prioritize any task from number of activities that may produce significant overall effect. It is also calls 80/20 rule – Mean focus on 20% prioritized works may give you 80% of the benefits. Actually there is even a mathematical expression for it, which known as the 80/20 rule.

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Business Contingency Plan | Example

A contingency plan is a designed planning for a potential circumstance. This planning document may contain potential risk and its management for exceptional level of risky events. The contingency plan can also include the alternative action plans for effectively implement the plans for significant future event. Actually the contingency plan is help to management &

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Failure Modes and Effects Analysis in Operational management

Failure Modes and Effects Analysis (FMEA) is a procedure executed in operations management for analyzing the potential failure modes within a specific system and their severity or determining the effect of such failures on the system (Effects Analysis). Failure modes are the errors or defects – actual or potential – that occur in a design, process,

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