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BENEFITS OF DOCUMENT
Assessing the financial impact a project will have on the organization is a key milestone to getting leadership to support the project. Knowing what financial statement the project will affect is also important. Being able to ?speak finance? lends credibility to the business case.
In this module the 4 basic financial statements will be introduced. In the world of Lean Six sigma, there are hard savings and soft savings and they are not treated equally. A review of these so called hard and soft savings will be discussed. Then we identify and quantify project benefits including Cost of Quality issues, Hard, Soft and Balance Sheet Benefits and Cash Flow.
The mantra ?What gets measured . . . gets done!? People will behave according to how they are measured. When you have the correct metrics, the following results: the correct outputs are achieved, desired behaviors result, rapid and relevant feedback becomes available, progress towards achieving planned goals occurs, cultures change and financial performance improves. Understanding this is the focus of this module.
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Source: Best Practices in Financial Management PowerPoint Slides: 008_Financial Management PowerPoint (PPTX) Presentation, Michael Carter
ABOUT THE AUTHOR: MICHAEL CARTER
We believe you should love what you do, learning should be fun, skills must be relevant, and yesterday's methods can always be improved. 6ixsigma<dot>org was founded to help organizations and 'Belts' successfully deploy and apply Lean Six Sigma to solve real problems. All of our training materials cover DMAIC, DMADV and Lean as an integrated methodology, we also cover the Shainin methodology.
Our experience? Worldwide.
We have assisted with Lean Six Sigma training and implementation in Australia, Singapore, Germany, China, Malaysia, Taiwan, Mexico, India, Hong Kong, United States, Canada and counting.
All our materials are suitable for individual study or formal classroom training.
Michael Carter has published 95 additional documents on Flevy.
This business document is categorized under the function(s): Operations
It applies to All Industries
File Type: PowerPoint (pptx)
File Size: 127.5 KB
Number of Slides: 19 (includes cover, transition, & marketing slides)
Related Topic(s): Financial Management
Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.
Initial upload date (first version): Jan 6, 2015
|This 32-page presentation from Operational Excellence Consulting explains the Lean Management philosophy, based on the Toyota Production System (TPS). Learn to eliminate waste. To receive this free download, enter your email address below and click the "Email Me" button.|
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