We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

The Finance and Six Sigma Quality Connection - Research Paper Example

Comments (0) Cite this document
Summary
This research is being carried out to evaluate and present the Finance and Six Sigma Quality connection. The researcher of this essay aims to pay special attention at exploring the reciprocal relationship between operations management and the other business function. …
Download full paperFile format: .doc, available for editing
Polish This Essay93.3% of users find it useful
The Finance and Six Sigma Quality Connection
Read TextPreview

Extract of sample
"The Finance and Six Sigma Quality Connection"

Download file to see previous pages According to the study conducted while operations management was being carefully studied to play the efficient, enabling function to other business functions, the field had been enabled by several highly-interrelated business functions. Pursuant to any operational implementation, cost analyses, which are tasked to the financial department, are used to assess the implementations’ “financial spin-offs”. Operation management’s Six Sigma Quality was not exempted from these analyses. Businesses planning to employ or implement the Six Sigma Quality have to set an acceptable cost reduction ratio, estimate the incurring implementation costs and resultant cost-savings, and reconcile these figures to postulate or invalidate the operational implementation. Collectively, the organization does not just want to see the improvement in operational efficiency, quality, or quantity; it also wants to make sure that Six Sigma Quality’s implementation is cost-wise and a significant cost-saver. The recent craze in adopting the Six Sigma Quality on other business functions, such as financial management, is rapidly progressing. For instance, Ansari et al.’s “Application of Six-Sigma in Finance: A Case Study” explored the nature of the applicability of Six Sigma Quality to the five core processes of defining, measuring, analyzing, improving, and controlling. In the financial process of department-based financial reporting, the define phase implicates the necessity and importance of a ‘standardized process’ that is cleared of ‘non-value added steps....
cost and financial planning for all business divisions,” and “identifying all non–value added and confusing steps to reduce reporting cycle time and cost” (5-6). In other words, in the financial process of department-based financial reporting, the define phase implicates the necessity and importance of a ‘standardized process’ that is cleared of ‘non-value added steps.’ Measure. In this phase, it is crucial that a clear documenting and consistent monitoring covers the department-based financial reporting process to avert from providing “opportunities for non–value added activities such as errors, excess movement, additional IT training and maintenance costs, inconsistent data, and waiting time” from decrementing the process value (Ansari et al. 6). Thus, the documentation and monitoring of the financial process safeguards the whole process through providing substantial data or figures to measure progress and conduct the next analysis phase. Analysis. This phase should be able to pinpoint the probable operational inefficiencies in the financial process. These inefficiencies may include but are not limited to the “lack of complete firm cost and financial plans,” as well as the existing, “multiple sources of data and databases” (Ansari et al. 7). Overall, this phase should be sufficient in enlightening the finance department the nature of the inefficiencies involved, the inherent levels of impact, the sector most affected by the impact, as well as specific process-parts for improvement. As soon as these things are shed light and well-understood, the phase makes room for the next phase, the improvement phase. Improve. This phase is relatively a two-fold phase; while it looks at the direct or actual improvements conceived out of the previous ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“The Finance and Six Sigma Quality Connection Research Paper”, n.d.)
Retrieved from https://studentshare.org/management/1395391-the-finance-and-six-sigma-quality-connection-exploring-the-reciprocal-relationship
(The Finance and Six Sigma Quality Connection Research Paper)
https://studentshare.org/management/1395391-the-finance-and-six-sigma-quality-connection-exploring-the-reciprocal-relationship.
“The Finance and Six Sigma Quality Connection Research Paper”, n.d. https://studentshare.org/management/1395391-the-finance-and-six-sigma-quality-connection-exploring-the-reciprocal-relationship.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Managing Processes Through Lean Six Sigma And Cost Estimating Methods
I will demonstrate how to successfully and completely design a system, its operational components, and develop appropriate system cost. Then I will demonstrate my full understanding of system operation.
8 Pages(2000 words)Research Paper
Six Sigma And Lean In Helthcare
This research undertaken in the healthcare sector will analyze and evaluate the viability of the Six Sigma and Lean as discussed. This will be availed by critically looking at the methodologies, and present examples illustrating the working of the principles of Six Sigma and Lean thinking combined.
14 Pages(3500 words)Research Paper
Studying and analyzing how General Electric applied Quality Management (QM)
The evolution of quality management has led to prominence of quality improvement methodologies, such as ISO 9001, Lean Production, Six Sigma, Business Process Reengineer, Business Excellence framework, and Total Quality Management (TQM). Quality management can be conceived to incorporate four critical factors; quality planning, quality assurance, quality control, and quality improvement (Hill and Jones 2010, p.3).
13 Pages(3250 words)Research Paper
Six Sigma
Nowadays, companies, whether manufacturing or non-manufacturing, are seeing the benefits that Six Sigma offers to them. Surprisingly, though, Six Sigma is just a fairly modern invention. This paper explores and examines the definition, methodology, corps of experts, and criticisms attributed to Six Sigma system.
10 Pages(2500 words)Research Paper
How does the implementation of a quality managment system such as EFQM or Six Sigma in the hospitality industry help improve th
The concept of quality emerged in the business world along with the evolution of business itself. No business can exist in the market, if it fails to meet the expectations of the customers. The reputation or the brand value of the organization has only secondary importance to the customers whereas quality and price like factors always taken seriously by the customers.
8 Pages(2000 words)Research Paper
Should General Electric Appliances Customer Relations use Total Quality Management Instead of Six Sigma Management
TQM TQM (Total Quality Management) is “a management approach that tries to achieve and sustain long term organizational success by encouraging employee feedback and participation, satisfying customer needs and expectations, respecting social values and beliefs and obeying governmental statutes and regulations” (Charantimath, 2003).
10 Pages(2500 words)Research Paper
Six Sigma Quality
Let us consider four stages of evolution of production quality approaches. First of them is a stage of rejection (till 20th years of the last century). According to this approach in order to provide a consumer products congruent to accepted standards, special attention should be paid to elimination of rejects.
7 Pages(1750 words)Essay
Six Sigma
Statistically, its purpose is to decrease process variation to enable virtually all the services or products provided satisfy or exceed the client’s expectations. Motorola formulated the methodological particulars of Six Sigma in 1986, though it can be traced
6 Pages(1500 words)Research Paper
The Evolution of Six Sigma
It is difficult to define Six Sigma in a form of precise definition because although it has now become a generic term, but “it is a registered trademark of Motorola Inc” (Folaron, Morgan, & Chase, 2003). The generic term of Six Sigma lacks a
5 Pages(1250 words)Research Paper
Compare and contrast the following continuous quality improvement methods: Six Sigma, Lean, and PDCA (Plan Do Check Act)
The prescribed methods comprises of the following; the six sigma, lean and Plan Do Check Act (PDCA). This is a process improvement technique aimed at reducing errors and improving quality in
2 Pages(500 words)Research Paper
Let us find you another Research Paper on topic The Finance and Six Sigma Quality Connection for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us