Economic Analysis Tools Coursework - 825 Words

Economic Analysis Tools (Coursework Sample) Content: Six Sigma Tools TemplatesNameCourseInstitutionDate Failure Modes and Effects Analysis (FMEA)Failure Modes and Effects Analysis (FMEA) is a tool for assessing risks mostly used by the management of organizations. When structured properly, improvement groups identify and understand parts and/or processes of a system. The next step is usually determination of ways through which the given parts or processes can fail. After analyzing possibility of failure occurrence, the teams then specify the likely effects of such failures to the process or system specifications. Improvement teams then determine the severity of the likely failures (Gyi, DeCarlo Covey, 2012). In many cases, assessors use the Likert scale where a value of one means least severe and 10 being most severe. The next activity involves evaluation of the frequency of the failures occurring. Here, a value of one can infer lower frequency while 10 infer high frequency. The tool also enables improvement teams to identify modes for detecting failures. With FMEA, improvement can prioritize and rank possible reasons of failure, develop and implement preventive plan. Once prevention plan has undergone proper implantation, it is usually important for improvement teams to review the system to be sure about significant reduction of risks of failure. There is usually a person assigned to perform the improvement plans. Besides reducing process or product failures, an FMEA has the potential supplying historical information for baseline operations. Kano Model AnalysisThe Kano analysis a technique used to determine features that a product or a service should have to gain acceptance or fulfill its intended purposes. The toll is usually important in helping product developers to avoid the mindset of including many features in a product even with minimal profits. It ensures that only important and useful features that can delight potential customers appear in a product. According to Kano model of analysi s, products usually have three forms of properties. One of the attribute types is the threshold attribute that relates to the elements that customers expect to appear in the given product (Gyi, DeCarlo Covey, 2012). The second type is the performance attribute, which relates with elements that though unnecessary, customers know about and draw further enjoyment when included in a product. The third is the excitement attribute type that customers do not know about but tend to enjoy usage when included in the design of a product. When threshold type of attributes misses from the product features, customers tend to suffer from dissatisfaction. The presence of the attribute but without other attributes does not mean that customers will enjoy satisfaction. According to Asefeso (2012), performance type of attributes in the Kano model of analysis defines the point of competition for many products or services. Excitement attributes work to improve satisfaction beyond the ordinary expectati on of customers. The process of analysis with Kano model should begin with brainstorming of all attributes desired for a particular product. The next step should be classification of the features as, threshold, performance or excitement attributes. It is also important for designers to ensure that a product has all the necessary and basic threshold attributes (Asefeso, 2012). When necessary, designers should cut out irrelevant elements. The next step is for designers to balance between performance and excitement attributes to ensure maximum satisfaction of customers but at good profit margins. Lean Six SigmaThe lean Six Sigma refers to a business tool and approach used to reduce wastes and minimize defects in manufacturing or service processes. The approach and tool helps focuses on waste reduction, profit increase, and client satisfaction. Organizational managements use the approach to address the needs of customers and other parties interested in the manufacturing or service acti vities. Human ResourceProperly established and structured human resource having professionals with proper skills can improve a Six Sigma at both tactical and strategic levels. One of the roles of the human resource is the selection as well as retention of black belt. The black belts help in improving the impression and shaping of Six Sigma. HR also works to build competency models used in identifying the right people with the required mix of team, leadership and tactical abilities (Asefeso, 2012). HR also is also important in developing job desc...