Risk Management and Six Sigma
Have you /your organization combined the powerful concepts of Six Sigma with Quantitative Risk Analysis techniques (Schedule risk analysis using PertMaster or Cost Risk analysis using @Risk)? As a professional who has had the fortunate experience of both concepts, I happen to think in the affirmative. In fact, the symbiosis between the two philosophies goes beyond modeling techniques. Let me give a few examples:
- Risk Identification session followed by a dollop of Affinity diagrams to categorize risks effectively,
- 5 why analysis (where the question, ‘why’ is asked 5 or more times until it becomes absurd) to derive the root cause of risks,
- Statistical modeling of schedule risk and cost risk, with standard deviation and 2-sigma / 3-sigma process capability, etc
In your experience, how far can we go? How far have you gone?