Which tool is most commonly used in the standard improvement model dmaic (define, measure, analyze, improve, control) measure ph

Question

Tasya [4]

3 years ago

14

Which tool is most commonly used in the standard improvement model dmaic (define, measure, analyze, improve, control) measure ph

ase?

Business

2 answers:

nika2105 [10] · Answer 1 · 2022-05-22T06:42:49+03:00

nika2105 [10]3 years ago

8 0

The tool that is most commonly used is the TIME VALUE ANALYSIS. The method is used to value future cash flow. Investors use this method to analyze how much a certain amount of loan will be worth in the future in order to put appropriate interest rate on the loan.

Serggg [28] · Answer 2 · 2022-05-22T08:46:30+03:00

Pareto chart is most commonly used in the standard improvement model of DMAIC.

Further Explanation:

DMAIC:

DMAIC means the define, measure, analyze, improve and control. It is the model in which the targets are defined, then it is measured by using the different tools. Then the variation in a target is analyzed and makes an improvement to meet the target. After controlling the targets by using various tools.

Measure phase:

Measure phase means the estimated target and the actual target is measured by using the Pareto chart. The variation in the estimated target and the actual target is analyzed to know the reason behind it.

Pareto chart:

Pareto chart is the type of bar graph that shows the variation in the estimated targets and the actual targets. This is also known as the cause-effect analysis which helps the company to meet the estimated target. This is the ultimate result of the company. After the Pareto chart, the company tries to minimize the gap between the estimated target and actual target. The company tries to find ways to reduce the gap. The company makes a panel to resolve this situation by putting the efforts.

Learn more:

1. Learn more about measurement instrument

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2. Learn more about productivity

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3. Learn more about trade-offs

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Answer details:

Grade: Middle School

Subject: Cost accounting

Chapter: DMAIC

Keywords: Pareto chart, estimated target, actual target, bar graph, define, measure, analyze, improve, control, resolve, situation, variation, tool, standard improvement model, measure phase, commonly.