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Essay Available:
Pages:
3 pages/≈825 words
Sources:
3 Sources
Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 12.96
Topic:

Lowe's Corporation's Six Sigma Project Strategy

Essay Instructions:

Six Sigma projects are powerful tools for achieving breakthrough improvements. Improvement projects utilize the DMAIC methodology, while design or re-design projects use the DMADV methodology. Such projects can be undertaken for large or small initiatives. But because they require a fair bit of work in planning and engaging the team, they are usually applied in situations where a significant change effort is likely to lead to an outcome well in excess of the work put into the project
To identify a potential Six Sigma project that can benefit the value stream and your organization. Lowe"s is the organization topic
1) List and describe potential Six Sigma project(s) that you would propose to senior management, recommend one project, and justify your selection.
2) Develop a detailed Project Charter for your recommended project. The project charter must include the following:
a. Problem statement
b. Goal statement or objectives
c. Project scope
d. Critical-to-quality requirements, or CTQs, of the processes within the scope of this project
e. Key metric Y (or key metrics Y)
f. Expected operational and financial benefits of the project
g. Milestone dates for each phase of DMAIC (or DMADV)
h. Project team (titles of project team leader and members)
i. Champion (title of executive or senior manager)
Your work is to be submitted in Word. Total length should be 3-4 pages. Since this is a charter, put some thought into how best to present the material visually. At an absolute minimum, you should include clear headers and sub-headers. You may also want to call out certain elements, like timelines or key milestones, using graphics, tables, or colors to make the charter visually appealing and easy to read

Essay Sample Content Preview:

Lowe’s Corporation Six Sigma Project Strategy
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Lowe's Corporation Six Sigma Project Strategy
Lowe’s Corporation has gained ground in the hardware materials market and is now among the world’s most valuable companies. Market segmentation strategies have been the company's main strength as they pave the way into lucrative market opportunities to expand their sales and increase growth. The last change in strategy by the company was in 2005 when the firm opted to increase its sales and revenues by focusing on special orders, installation services, and commercial customers such as contractors, property management professionals, and professional tradespersons (Thacher, White & Sutorius, 2007). Nonetheless, the company was looking to expand its operations to New Hampshire then Canada.
Potential Six Sigma Projects
Potential six sigma projects that would be functional for the company should include a market penetration project and a supply chain review project. The market penetration project should involve a review of the new markets and the market forces in play and their effects on the profitability of Lowe's (Thacher, White & Sutorius, 2007). Such a venture should include investments in research and operational resources such as warehouses and retail stores. The supply chain review project, on the other hand, requires an internal audit of the back-end chains involving suppliers, producers, and outsourcing resources that would be viable for operation in the new markets. Furthermore, the project requires an analysis of the front-end value streams that include marketing and purchase brand marketability.
Project Charter
Within the given context, the primary approach should be a market penetration project that accounts for the market forces at play and how they can affect profitability at Lowe’s Corporation. The six sigma project will work based on the DMAIC methodology to review all aspects of the project process (Moya et al., 2018). Furthermore, the project will rely on Porter's Value Chain in reviewing the company's value stream.
Problem statement
With the company facing expansion into new markets, it would meet the typical challenges of market penetrations in new marketing environments. Therefore, there would be further implications for the firm's operations involving both the back-end supply chain management and marketing strategies that would increase value for the firm. A project approach would be necessary to achieve the new goals for a suitable back-end supply chain portfolio that would resonate with the latest market demands. Furthermore, delineating the new objectives for the company would involve tentative project management approaches for assessing expected outcomes through cost and benefit analysis.
Goal statements or objectives
* The project's main goal is to structure the back-end supply chain management to align them towards the consumer needs within the new markets.
* To introduce multichannel distribution and increase frontline services to expand market reach and profitability.
* Effective market assessments to inform marketing, promotions, and segmentation ventures.
Project Scope<...
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