Understanding Statistical Process Control and Quality Management Essay

Lean Six Sigma in Bank of America
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Lean Six Sigma in Bank of America
Lean Six Sigma is an approach that relies on collaboration and team effort in order to enhance performance. The objective is usually achieved through the systematic elimination of waste and redundant processes. With effective implementation of the framework, there will be a reduction in waste and defects in the business and offers incentives for transforming the organizational culture. The Bank of America initiated its quest for continuous improvement before the implementation of Lean Six Sigma. However, the administrators realized that there were unnecessary costs and inefficiency. The earlier adopted approach lacked lasting results on the system (Lasater, n.d.).
The Lean Six Sigma was adopted in order to realize organic growth within the company and ensure that there was “a disciplined, rigorous, and comprehensive approach to process improvement” (Lasater, n.d., p. 1). After choosing the Lean Six Sigma approach, a quality executive was hired to oversee the implementation process. The leaders invested time to learn a...