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Project Financial Benefits

(23 votes)

A review of how to identify and categorize financial benefits from a project.

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10 comments

  • Comment Link Matt Hansen Oct 10, 2016 posted by Matt Hansen

    Sorry for the trouble you're having Amir. This video here is working fine for me. I'm not sure what other files can't be played that you're referring to, but they all seem to be working fine on my end. If you continue to have trouble playing the videos, then check out this page that can help you troubleshoot the issue: http://statstuff.com/about/misc-information/video-troubleshooting If this doesn't help and you continue to have trouble with it, then please contact me directly at matt@statstuff.com. Thanks!

  • Comment Link amir sadeghi Oct 7, 2016 posted by amir sadeghi

    Hi Matt
    none of these 11 files can be played?
    is there anything wrong on my PC or on your site.
    thank you in advance

  • Comment Link Matt Hansen Sep 22, 2016 posted by Matt Hansen

    Thanks for the kind feedback, Sundaresen! I agree that the piece of paper doesn't qualify folks but unfortunately many recruiters and hiring managers require it anyway. That's why I recently began offering a certification assessment to validate the capability and skills for those who have a LSS cert. But it can also be used for folks who don't have a cert yet. I wouldn't put it on the same level as a cert, but it can be a fast & affordable way to validate your capability even if you don't have a cert yet. Here's an article I posted about it https://www.linkedin.com/pulse/before-you-hire-black-belt-matt-hansen

  • Comment Link Sundaresen Rungasamy Sep 19, 2016 posted by Sundaresen Rungasamy

    Hi Matt, I have always hesitated to take a 6 Sigma course due to the price, but thank for this free training. Having a piece of paper does not qualify us as being good to implement, but having a good understanding and implement it is more valuable to companies. Unfortunately, companies want to see a piece of paper as proof. Anyway, brilliant work. How can we download the diagram in the slides?

  • Comment Link Matt Hansen Sep 14, 2016 posted by Matt Hansen

    Thanks Roger, that's a very valid point. I agree with you that measuring profit would be better than measuring just revenue, but without strong support from a Finance stakeholder, it can be challenging to get that exact measurement. Perhaps it's better said to measure increased profit when possible, otherwise use revenue if the associated costs can't be measured (or aren't provided).

    My ultimate goal is to get folks using these balanced cash-based financial perspectives (including profit as you suggested) rather than the fictitious values I've seen folks frequently pull out of the air (like what I describe as categories 2, 3, or 4 in the financial benefits). That's one of the ways I'll often challenge BBs who claim to have saved $X millions - so I can see how they actually calc'd that value to determine if they really made a financial impact or not.

    Thanks for adding your insights here!

  • Comment Link Roger Ellis Sep 11, 2016 posted by Roger Ellis

    Hi Matt. I instruct my Six Sigma students that increased revenue should not be counted as project "savings". What should properly be credited as savings is the incremental impact to gross profit that occurs as a result of the project. An extreme example to prove this point is a company that is currently losing money. Increasing sales revenue will simply increase the losses in this case. Your video seems to imply that if revenue is increased by $1M then we should count that $1M as "savings". Please comment. Thanks, Roger

  • Comment Link Matt Hansen Jun 23, 2015 posted by Matt Hansen

    Thanks Monier, I really appreciate the feedback and am so glad you found it to be helpful!

  • Comment Link Monier Elshayb Jun 17, 2015 posted by Monier Elshayb

    This course is one of top three online courses I have joined in my life up to date . The way the instructor uses in illustrating topics is wonderful and joyful and easy to follow. Thanks a lot Matt and keep this high sprit of commitment and professionalism . In few words this course is one of those I recommend others to take.

  • Comment Link Matt Hansen Apr 16, 2015 posted by Matt Hansen

    Thanks Eve. I do appreciate your feedback and have heard others expressing the same concerns about the music. It is on my to-do list to hopefully tackle in the near future. If it helps, the music does get softer in later videos so although it's not gone, it should make it a little easier to hear.

  • Comment Link Eve Nsubuga Apr 15, 2015 posted by Eve Nsubuga

    Hello Matt,
    Thanks for this wonderful information. Its so incredible , however just one comment in the too much music in the background! As you notice, many people can focus so well when it is silent, but with the running music in the back ground puts the whole situation to be a daunting factor and the take one takes to understand something is longer or even not to understand at all.

    I pray you eliminate the music in the back ground
    Very respectfully,
    Eve

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Video List for Beginner Path

An Introduction to Lean Six Sigma

Below are just 11 training videos (less than 3 hours of content) that give a basic introduction to Lean Six Sigma. They are selected from the 121 videos in the Advanced Training Path.
1. StatStuff Orientation (What is StatStuff?)  
This video welcomes you to StatStuff by explaining some general concepts about how the videos are designed and how the site works.
2. Introduction to Lean and Six Sigma login not required 
An introduction to the fundamental concepts of the Lean and Six Sigma methodologies using the IPO model.
3. Lean and Six Sigma Project Methodologies login not required 
An introduction to five project methodologies (Lean, DMAIC, DMADV, DFSS & PMI) and when to use each.
4. Corporate CTQ Drilldown login not required 
A review of how to align a project opportunity to the overall business strategy and needs by understanding the business CTQs in a CTQ Drilldown.
5. Project Financial Benefits login not required 
A review of how to identify and categorize financial benefits from a project.
6. Key Roles in a Lean or Six Sigma Project login not required 
A review of the project and functional roles in Lean Six Sigma projects like Green Belt, Black Belt, Sponsor, Champion, etc.
7. Developing a Project Strategy Using IPO-FAT Tool login not required 
A review of how to build a strategy for a project and how the IPO-FAT tool can be used for developing that strategy.
8. Introduction to Lean  
An introduction to Lean including a brief history, the philosophy of Lean, and a summary of some common Lean tools and concepts.
9. Problem Resolution Using DMAIC  
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10. The DMAIC Roadmap (Levels 1 & 2) login not required 
A high-level roadmap through the DMAIC methodology that navigates the user through the various tools and concepts for leading a Six Sigma project.
11. Adapting Lean to Six Sigma DMAIC Flow login not required 
A description of how the Lean tools and concepts can be adapted to the Six Sigma DMAIC methodology.

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