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:

  1. Risk Identification session followed by a dollop of Affinity diagrams to categorize risks effectively,
  2. 5 why analysis (where the question, ‘why’ is asked 5 or more times until it becomes absurd) to derive the root cause of risks,
  3. 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?

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Posted on February 18, 2010, in Risk & Six Sigma and tagged , . Bookmark the permalink. Leave a comment.

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