Statistical Process Control Methods, business and finance homework help

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zeivetb79

Business Finance

Description

Purpose of Assignment

The purpose of this assignment is for students to learn how to apply Statistical Process Control Methods to a business process.

Assignment Steps

Resources: Microsoft® Excel® and PowerPoint®

Select a complex continuous process from your personal life or work. The process can be the same as in Week 1 assignment.

Complete the following:

  • Use Microsoft® Excel® to calculate the defined process metrics including variation and process capability.
  • Use Microsoft® Excel® and PowerPoint® to develop and display a control chart for the process.

Evaluate the control chart and process metrics using Statistical Process Control (SPC) methods.

Evaluate whether the process could benefit from the use of Six Sigma tools.

Develop a 525-word executive summary in which you describe your Statistical Process Control project and include the control chart with SPC.

Strict APA, No Plagiarism. Also attached is Grading Guide

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Individual Assignment: Statistical Process Control Methods Purpose of Assignment The purpose of this assignment is for students to learn how to apply Statistical Process Control Methods to process. Resources Required Microsoft® Excel® and PowerPoint® Content Met Partially Met Not Met Total Available Total Earned 5 #/5 Partially Met Not Met Comments: Selected a complex continuous process from your personal life or work (could be the same as in Assignment 1). Used Excel® to calculate the defined process metrics including variation and process capability. Used Microsoft® Excel® and PowerPoint® to develop and display a control chart for the process. Evaluated the control chart and processed metrics using Statistical Process Control (SPC) methods. Evaluated whether the process could benefit from the use of Six Sigma tools. Developed a 525-word executive summary describing the Statistical Process Control project (including the control chart with SPC). Writing Guidelines The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Met Comments: Statistical Process Control Methods Grading Guide OPS/571 Version 7 Writing Guidelines Met Partially Met Not Met Total Available Total Earned 2 #/2 7 #/7 Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: 2
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Explanation & Answer

Attached.

Running head: STATISTICAL PROCESS CONTROL METHODS

Statistical Process Control Methods
Student’s Name
Institutional Affiliation

1

STATISTICAL PROCESS CONTROL METHODS

2

Statistical Process Control Methods
Worth a note, the statistical process control entails the process of embracing statistical
tactics as the techniques of administering and controlling the quality of various processes in an
enterprise as well as in a personal life. Thus, statistical process control techniques intensify the
capacity of controlling and monitoring processes to ensure that full potential is realized from the
process (Colin, & Vanhoucke, 2015). As a result, statistical process control plays a pivotal role
in the process of managing as well as controlling an enterprise process. Besides, statistical
process control methods assist in minimizing marginal error in manufacturing as well as
enterprise process as well as enabling the management to prevent process tampering by
identifying the problem before they occur. Therefore, it is imperative to adopt various statistical
process control strategies in the process of monitoring and controlling various business process
to enhance the effectiveness as well as the efficiency of the executing the processes.
Statistical Process Control Project
The statistical process control project will entail dispatch time turnaround between the
customers placing an order, authorizing the order to the time the products are dispatched for the
clients. The company deals with the production of steel used in various constructions.
Objective
Monitoring and ensuring that all the clients' orders are dispatched within 24 hours from the time
the request for supply is made accounting for 90 percent of the total deliveries.
Notably, dispatch time turnaround is a paramount business process because the process
enhances the client satisfaction, loyalty as well as trust with the company. This is highly
attributed to the nature of the product the enterprise deals with as well as the clients who are
mainly, project contractors as well as retail hardware stores. Worth a note, the client requires the

STATISTICAL PROCESS CONTROL METHODS

3

material being dispatched as fast because any delay in the dispatch of the ordered goods could
result in a negative influence on the project's completion duration which could lead to program
failures. Therefore, maintaining the dispatch process time as minimal as possible would assist in
alleviating the corporate rapport and association with esteemed and loyal clients.
Similarly, the statistical process control would assist in identifying the reasons and the
root cause for the delay of the dispatches. Thus, in the process of establishing the dispatch issues,
six sigma would play an imperative role in the course of establishing the root cause of particular
prevalent arising matters. Worth a note, six sigma is a tactical insight that assists in identifying
issues in a particular process as well as devising strategic ways to eliminate the problems in a
systematic manner (Pyzdek, & Keller, 2014). Thus, the six sigma tactic intensifies the capacity
of enhancing the quality of a process by minimizing the number of issues with an intent of
making the setbacks statistically insignificant.
Notably, in the month of May 2017, the total dispatch within 24 hours was 57.03 percent
while 23.96 percent of the orders in the month of May were dispatched within the 48 hours. The
rest of the orders were dispatched later and some still pending, with a frequent reason identified
causing the delay on the dispatch time turnaround is the insufficiency of the required tonnage or
lack of the required size of steel in inventory to match the client demand. As a result, the
company has enhanced the production by increasing the number of production hours to enhance
the ability to maintain a minimum inventory of all forms of products. Notably, application of
statistical processes would alleviate the issues of unavailability of the stock by ensuring that the
daily production is fostered by the remaining inventory. As a result, the process would minimize
the dispatch time, which would lead to efficiency in sales as well as increasing the clients’
loyalty and satisfaction through a six sigma process.

STATISTICAL PROCESS CONTROL METHODS

4

Reference List
Colin, J., & Vanhoucke, M. (2015). Developing a framework for statistical process control
approaches in project management. International Journal of Project Management, 33(6),
1289-1300.
Pyzdek, T., & Keller, P. A. (2014). The six sigma Handbook (p. 25). McGraw-Hill Education.


Delivery Turn Around Time Full Lengths Rebars
Date of Order
LPO number
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
3-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
10-Jan
20-Jan
20-Jan
20-Jan
20-Jan

SIZE
D16
D20
D25
D32
D16
D20
D25
D10
D12
D8
D10
D12
D16
D25
D8
D8
D10
D16
D25
D32
D32
D8
D10
D12
D16
D20
D25
D8
D16
D8
D10
D12
D16
D20
D25
D32
D10
D12
D32
D32
D8
D10
D12
D16

SIZE
D16&R16
D20&R20
D25&R25
D32&R32
D16&R16
D20&R20
D25&R25
D10&R10
D12&R12
D8&R8
D10&R10
D12&R12
D16&R16
D25&R25
D8&R8
D8&R8
D10&R10
D16&R16
D25&R25
D32&R32
D32&R32
D8&R8
D10&R10
D12&R12
D16&R16
D20&R20
D25&R25
D8&R8
D16&R16
D8&R8
D10&R10
D12&R12
D16&R16
D20&R20
D25&R25
D32&R32
D10&R10
D12&R12
D32&R32
D32&R32
D8&R8
D10&R10
D12&R12
D16&R16

No of pcs
750
100
100

350
550
100
150
6
465
167
65
200
180
64
400
280
340
860
660
635
1200
250
520
950
370
400
130
50
35
1000
1000
200
255
281
4
117
54

20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
20-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan

D20
D25
D32
D10
D8
D8
D12
D16
D20
D25
D10
D16
D25
D16
D16
D10
D12
D8
D20
D16
D12
D10
D12
D8
D10
D16
D20
D25
D8
D10
D12
D20
D25
D32
D25
D32
D12
D10
D8
D10
D16
D16
D8
D32
D20
D25
D32

D20&R20
D25&R25
D32&R32
D10&R10
D8&R8
D8&R8
D12&R12
D16&R16
D20&R20
D25&R25
D10&R10
D16&R16
D25&R25
D16&R16
D16&R16
D10&R10
D12&R12
D8&R8
D20&R20
D16&R16
D12&R12
D10&R10
D12&R12
D8&R8
D10&R10
D16&R16
D20&R20
D25&R25
D8&R8
D10&R10
D12&R12
D20&R20
D25&R25
D32&R32
D25&R25
D32&R32
D12&R12
D10&R10
D8&R8
D10&R10
D16&R16
D16&R16
D8&R8
D32&R32
D20&R20
D25&R25
D32&R32

17
47
8
600
200
191
92
32
6
59
200

8
224
348
8
300
400
300
300
60
50
200
90
40
57
300
250
50
20
5
75

300
200
1000
1500
600
500
510
30
800
1500
50

30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
30-Jan
1-Feb
1-Feb
1-Feb
1-Feb
1-Feb
1-Feb
1-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
10-Feb
20-Feb
20-Feb
20-Feb
20-Feb

D25
D12
D10
D32
D25
D20
D20
D10
D10
D16...


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