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4349 The World without Bankruptcy Laws

Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]

4348 The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers

What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]

4347 Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks

How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]

4346 Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies

Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]

4345 Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises

In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]

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  • Well Defined Scope of the Project: A well-defined scope of the project is perhaps the most important deliverable of the Define phase. Scope document goes a long way in finding the solution. A lot of organizations resources have been wasted and no substantial results have been obtained because of the failure to correctly scope a project.

  • Well Defined Team with Allocated Responsibilities: Six Sigma projects are usually started by one person who sees the opportunity and therefore champions the project. In the beginning there may be one or two people who are working on the elementary documents like scope, financial benefits plan etc.

    However before the end of the define phase a complete team for Six Sigma project emerges. Their roles are clearly defined and responsibilities are allocated to ensure smooth functioning of the project at later stages.

  • Financial Benefits: It is the financial benefits which turn the Six Sigma plan into an organizational resource. Financial benefits add value to the firm. This is because they either increase the revenues of the firm or they reduce the costs of the firm involved. However since there are multiple six sigma projects being identified, however the resources for the projects are very limited. It is for this reason that the financial benefits need to listed and debated upon for validity. The define phase ensures that this information does reach the top management and they have the tools at hand to decide whether this project should be continued.

  • Risk Identification and Mitigation Plan: As a part of the Define Phase, the team not only thinks what can go right with the project. They also consider what can go wrong with the Project involved and the extent to which things can go wrong. It is deep thinking at the define stage and the ability to out-think potential problems that ensures Six Sigma projects run smoothly and are a success. If these exercises did not exist a lot many Six Sigma teams would have got on to the ground far less prepared and wasting far more organizational resources.

Project Schedule: It is in the “Define” phase that the team gives an appropriate end date to each of the stages in the DMAIC Six Sigma methodology process. Also the end date of the project is decided and the criterion for judging the project as a success or a failure is also decided.

Well-begun is half done, they say. Six Sigma DMAIC methodology ensures that you begin the project well. It is for this reason that an exhaustive define phase has been created with many deliverable documents that force you to think in different ways about your project. The end result of the Define phase is a considerably insightful team working dedicatedly towards a solution.

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