SBM1203 Venture/Project Economics and Finance: Article Summary

This article summary focuses on the importance of correct project selection for organizations, emphasizing the use of the Six Sigma method to maximize benefits. The summary highlights how Six Sigma, with its tools and techniques, aids in evaluating project stages, improving efficiency, and enhancing project outcomes. The article stresses the significance of aligning projects with strategic business goals and identifies that selecting the ideal project is crucial for successful Six Sigma deployment. While the study is limited to a small to medium-sized business case study, it suggests that integrated approaches such as Preference-based Decision Making and the Analytic Hierarchy Process can mitigate issues related to project selection. The article concludes that Six Sigma, when combined with proper project selection and the integration of AHP and PDM, can significantly improve business processes and lead to successful project completion.

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1ARTICLE SUMMARY
Article: Project selection and its impact on the successful deployment of Six Sigma

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Summary:
With every passing day the technology is advancing and the demands of the business are
changing as well. In order to stay up to date with the new technology projects are being taken up
by the business organizations. The purpose of the article is to lay emphasis on the significance of
choosing correct project for the organization such that the maximum benefits can be obtained
from them. In order to do so, Six Sigma method is discussed and applied.
The six sigma method is one of the best methods for the selection of the projects in the
business. This is the method by which different tools and techniques can be put use for the
evaluation of each and every stages of the project. The efficiency of the project, business
operations, and the quality of the project outcome can be improved with the help of this
technique. All though it is the best choice for the project selection and evaluation there are
certain guidelines that has to be followed by the project managers in order to implement the six
sigma method in the projects. One of the most challenging activities of the organization is
selection of a suitable project. In order to make a selection of the project, alignment of the
project with the strategic business is extremely important. This helps in the alignment of the
organizational goals as well. The study identifies that for the deployment of the six sigma
method, selection of the ideal project is important else it may lead to the failure of the project
using the six sigma technique.
All though the article provides us with certain insights regarding the selection of the
project for the deployment of the six sigma, the limitation of the study is that the study is based
on the analysis of one case study, which is small to medium sized business application. The
scenario for the bigger business is not considered in the case study. All though by the method

3ARTICLE SUMMARY
that is proposed, that is the Preference based decision making and the Analytic hierarchy process,
in the article can help in mitigation of the problems that are arising in the business for choosing
the wrong project in the six sigma. The integrated approach alleviates the prejudice involved in
the process of project selection and helps in making the process of selection more independent
and robust. The mentioned process helps in benefiting the business with accurate decision
making, which another challenging job for the organization.
From the results and the findings of the article we see that the Six Sigma technique is
data driven method which can help in the enhancement of the business process; with the correct
selection of the project, Six Sigma can be most effectively used for the development process of
the project. With the integration of the AHP and PDM with the six sigma, the successful project
selection can be obtained which in turn will help in successful completion of the project as well.

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Reference:
Kumar, M., Antony, J. and Rae Cho, B. (2009), "Project selection and its impact on the
successful deployment of Six Sigma", Business Process Management Journal, Vol. 15 No. 5, pp.
669-686. https://doi.org/10.1108/14637150910987900