need help with assignment 82

Submit a paper of at least four pages in length, excluding the title and reference pages, that includes at least two scholarly sources (in addition to the text). Explain in detail why data analysis skills are so important to Spend Analysis. Describe how a structured process such as Six Sigma methodology (Chapter 4) can be useful to identify spending patterns and identify opportunities for improvement. Recommend which functional areas of the business, such as finance, should be involved in Spend Analysis efforts and justify the rationale for your choices.

* READING MATERIAL ATTACHED BELOW FOR THIS ASSIGNMENT:

Six Sigma Processes. The Six Sigma methodology has its own specialized business processes that project teams follow. The first of these isthe DMAIC (Define–Measure–Analyze–Improve–Control) process, which outlines the steps that should be followed to improve an existingbusiness process. The steps are as follows:

Step 1: Define the goals of the improvement activity. The Six Sigma team must first clarify how improving the process will support thebusiness, and establish performance targets. This ensures that the team doesn’t waste time on efforts that will not see a pay-off toeither the customer or the business.

Setp 2: Measure the existing process. The second step requires the team members to develop a basic understanding of how the processworks. What are the process steps? Who are the parties who carry out or are otherwise touched by the process? How is the processcurrently performing? What data do we need to analyze the process and evaluate the impact of any changes?

Setp 3: Analyze the process. Next, the Six Sigma team identifies the relationships and factors that cause the process to perform the way itdoes. In doing so, the team must make sure to identify the true underlying causes of the process’s performance. We will talk laterabout two approaches for accomplishing this: cause-and-effect diagrams and the “Five Whys” approach.

Step 4: Improve the process. During this step, the team identifies ways to eliminate the gap between the current performance level andthe performance targets established in step 1.

Step 5: Control the new process. The Six Sigma team must work with the individuals affected to maintain the process improvements.This may involve such activities as developing process control charts (described in Chapter 5), training workers in any newprocedures, and updating information systems to monitor ongoing performance.

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