The Novel Approach

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Copyright: 2018
Pages: 12
Source title: Novel Six Sigma Approaches to Risk Assessment and Management
Source Author(s)/Editor(s): Vojo Bubevski (Independent Researcher, UK)
DOI: 10.4018/978-1-5225-2703-9.ch001

Keywords: Business & Management / Business Science Reference / Management Science / Risk Management & Analysis

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Abstract

This chapter presents the novel Six Sigma DMAIC generic approach to Risk Management. The method is introduced first. In The Generic Approach and Algorithms section, generic mathematical concepts are elaborated. Also, four generic classes of applications of the proposed method are identified including: 1) Portfolio Management; 2) Quality Management; 3) Project Management; and 4) Income Management. Furthermore, four generic algorithms are elaborated for the respective four classes of application of the method. The generic algorithms include description and process flow of the applications. Finally, the modelling tools used in the book's elaborations are detailed, as well as references for how to use these tools and run Simulation and Stochastic Optimisation step-by-step.

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