What is it about?
Purpose – The purpose of this paper is to understand the success of Lean Six Sigma (LSS) in banking and financial services industry and to develop a structured stakeholders management model for successful LSS project management. Design/methodology/approach – A two-phase methodology is used. Phase 1 establishes the literature to understand two key process improvement methodologies – Lean and Six Sigma and to derive synergies by their combination leading to success in banking and financial services. The literature also helps to recognize the importance of stakeholder management in LSS projects and to understand how it helps in accelerating change in organizations. Phase 2 of the methodology is based on the interviews conducted by 56 global LSS project managers. This is to understand the practical challenges faced by the LSS project managers in banking and financial services tying back to the existing literature.
Featured Image
Why is it important?
Findings – The paper identifies the possible opportunities for structured stakeholder management across different phases of Define-Measure-Analyze-Improve-Control (DMAIC) project flow. The first of this kind, “Inform-Involve- Influence” model has been developed based on the understanding from literature and conclusions from the interviews conducted. The proposed model highlights the different set of stakeholders involved in LSS projects and their role in the project. The model also helps categorizing the stakeholders based on the DMAIC phases. Research limitations/implications – The paper is limited to readymade use in banking and financial service environments for LSS projects. However the paper sets a platform for further research to customize the proposed model for other service industries.
Perspectives
Read the Original
This page is a summary of: Lean six sigma project management – a stakeholder management perspective, The TQM Journal, January 2016, Emerald,
DOI: 10.1108/tqm-09-2014-0070.
You can read the full text:
Contributors
The following have contributed to this page