How is six sigma, theory of constraints, and lean similar?
1) Six Sigma:
It is a set of management techniques which is designed to improve the business-process by reducing the likelihood of error. It is a data-driven approach that uses a statistical methodology for eliminating defects.
Six Sigma has five key principles:
1) Focus on the Customer
2)Measure the Value Stream and Find Your Problem
3)Get Rid of the Junk
4) Keep the Ball Rolling
5) Ensure a Flexible and Responsive Ecosystem
2) The Theory of Constraints: It is a management approach that considers that at any given time, an organization is limited from achieving its highest goal by a single constraint. The theory provides tools to help identify and break through the constraint. In manufacturing, the constraint is often referred to as a bottleneck.
There are six Constraints: (Cost, Risk, Benefits, Quality, Scope and Time).
3) Lean: A set of techniques to identify and eliminate waste from operations. A system of organization principles to maximize value and eliminate waste.
There are five key lean principles: value, value stream, flow, pull, and perfection.
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