Introduction to Six Sigma - Terms Flashcards Preview

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Flashcards in Introduction to Six Sigma - Terms Deck (147)
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1

accountability

Being answerable, or responsible, to stakeholders. This may include shareholders, customers, employees, government, and the general public.

2

activity

The work required to proceed from one event to another.

3

adjourning

The fifth stage of team development. This stage is marked by assessment and closure. See stages of team development.

4

asset

Anything owned by a business or an individual that has monetary, commercial, or exchange value. See tangible asset, intangible asset.

5

attribute

A skill, quality, or characteristic that a person or a system should possess in order to perform effectively.

6

balanced scorecard

A standard reference against which future comparisons can be made.

7

baseline

A standard reference against which future comparisons can be made.

8

best practices

A set of learned procedures, techniques, or methods that reliably lead to a desired result. Sometimes used to set standards for an industry.

9

Black Belt

A professional trained in Six Sigma methodologies and principles. See Green Belt, Master Black Belt, Champion, Six Sigma.

10

bottom line

Net profits. Total revenues minus costs and overhead equals profits.

11

brainstorming

A group process during which creative ideas are generated around a particular area of interest, and then the ideas are analyzed and rated according to their appropriateness.

12

business case

The justification for undertaking, and for continuing, the project.

13

business strategy

An agreed-upon plan of action detailing how a business plans to accomplish its business goals or desired results. Sometimes referred to as organizational strategy.

14

capability

The ability of a process to achieve an objective, or a system to achieve a goal.

15

capital

In economics, capital is the machinery, factories, and inventory required to produce other products. For investors, capital is cash plus the financial assets invested in securities, a home, and other fixed assets.

16

career path

A planned progression of positions within an organization, each of which develops the skills necessary for an employee to move to the next level.

17

cause-and-effect diagram

Also called a fishbone or Ishikawa diagram. A graphical presentation of the potential causes of a recognized problem. The structure of the diagram is typically presented as a main arrow (representing effect) off of which smaller arrows (representing causes) branch in a pattern similar to a fish skeleton.

18

Champion

An executive or manager proficient in all aspects of Six Sigma methodologies. Often acts in a leadership capacity. See Six Sigma.

19

competency

The capacity to apply and use a combination of skill, knowledge, ability, and behavior to achieve an objective.

20

competitive advantage

The use of the specific characteristics and factors that differentiate an organization and add value.

21

competitive strategy

Actions and plans for positioning a company within its competitive environment.

22

constraint

The limiting element in a system that restricts production. Constraints may be physical or non-physical. See TOC.

23

consumer

See end user.

24

continuous improvement

The ongoing and incremental improvement of processes, products, or services.

25

COPQ

Abbreviation of the cost of poor quality. The loss of value that companies incur when customers perceive their products or services to be of a low quality.

26

corporate strategy

Actions and plans that influence an organization's core values.

27

cost of poor quality

See COPQ.

28

cost variance

The difference between the budgeted cost of the work performed and the actual cost.

29

critical path

The series of activities that must be completed on schedule in order for the entire project to be completed on schedule. The critical path is the longest duration path through the work plan. If an activity on the critical path is delayed by one day, then the entire project will be delayed by one day, unless another activity can be accelerated by one day.

30

customer

A person or entity that has buying authority and who is the beneficiary of the project deliverable. Customers can be internal or external, individuals or organizations.