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Dictionary of Lean Six Sigma Tools/Concepts

There are 4 entries in this dictionary.
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Term Definition
Financial Benefits Categories

A matrix of four quadrants that categorize the types of benefits typically yielded from projects. The categories are determined by two factors: 1) Impact to Cash (direct or indirect), and 2) Impact to the Business (tangible or intangible). The four categories are 1) Direct/Tangible Impact (e.g., increasing revenue, decreasing costs, etc.); 2) Indirect/Tangible Impact (e.g., shift headcount, accelerate cash flow, etc.); 3) Direct/Intangible Impact (e.g., avoid lost revenue, avoid additional costs, etc.); and 4) Indirect/Intangible Impact (e.g., improve customer satisfaction, compliance issues, etc.). 
Related StatStuff Video: 
   -Section 1-Introduction, Lesson #5 - Project Financial Savings

First Time Yield (FTY)

A measure of the % of non-defective units successfully output the first time through a process. Subtracting the result from 1.0 (or 100%) will yield the potential waste (defects) in the process that can be eliminated. It is ideally a measurement of the capability at the sub-process level contributing to Rolled Throughput Yield (RTY).
Related StatStuff Video: 
   -Section 2-Lean, Lesson #10 - FTY and RTY

Fitted Line Plot

A statistical tool used to test the relationship or correction between two continuous (a.k.a. variable or numerical) values.
Related StatStuff Video: 
   -Section 6-Analyze Phase, Lesson #27 - Hypothesis Testing: Relationships (Compare 1:1)

FMEA Tool

A risk management tool that stands for "Failures, Modes, and Effects Analysis". It's used to track all possible failures in a process, their potential impact and resulting effects, and a plan to mitigate them. It scores and prioritizes all possible failures modes to help mitigate potential risks.
Related StatStuff Video: 
   -Section 7-Improve Phase, Lesson #7 - Risk Assessment with a FMEA Tool

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