PIVOT initiative is a name given to the improvement approach of Six Sigma process by the Midwest Bank. Six associates were selected to manage the first phase of the PIVOT project. The Six Sigma process was set to run the process in six DMAIC steps namely: Define Measure, Analyze, Improve, and Control. The success of the project relies on the availability of finance, resources, competent staff and proper management of errors and risks. The aim of this paper is to discuss the possible conclusions drawn from the importance of preparation of a team and selection and assessment of PIVOT project justification.
The members forming the PIVOT initiative team comprised of different professionals and each contributed a rich expertise to the roles they played in the eventual success of the project. For instance, the project coordinator who was appointed the project manager were capable of supervising and overseeing the functions of Six Sigma’s PIVOT initiative was the project manager to ensure its functions were run as required. Another member was given the position of a financial manager given the docket of financial impact analysis and the responsibility of purchasing equipment. This would promote accountability and eliminate possible risk exposure.
The assistant vice president together with the team’s supervisor provided the expertise representing the Commercial Purchasing Department (CPD). The officers have the ability to ensure there is accountability and assist the senior vice president and vice president of CBD. The department of project management and Six Sigma analyst positions were given to the CPD’s analyst who was also in charge of five other areas. With the experience of this member as an analyst in the in the purchasing department and hence the skills and the skills possessed has enabled the member to intellectually handle data, carry out graphical analysis and perform data stratification for the DMAIC process.
The initiation of this project and the preparation of the team selected to the define stage of this important project had to be carried out by champions such as the vice president and the senior vice president. Because they were to be accountable to all the errors that were to occur in the department, they were to thoroughly prepare the team members on how to execute all their daily responsibilities or tasks according to the laid down project guidelines (Evans& Lindsay, 2008). The importance of team member selection helps to have members who are good decision makers and have the ability to drive the organization to achieve its objectives. The selection is also essential to ensure that all the necessary departments, expertise and the customer’s voice is represented in the team. For instance, the reason why the executive is involved is imply that support for the initiative is drawn from top-down management.
One of the objectives of the CBD PIVOT project is to check the external and internal flaws which the department experienced the previous year. This amounted to a total of $ 400,000 out of which $ 280, 000 were irregularities which resulted to the losses. One of the factors that led to the inclusion of the anomaly in the project justification was to appreciate the need to fine tune the criteria for selecting the members that formed the team to the “Define” stage. Anomalies often occur as a result of poor monitoring of the process of a project. Proper selection will therefore ensure that each stage of the PIVOT project has its objectives met by the efficient and competent team members.
As a new project, there should be no room for internal errors since they culminate to major losses. For that matter, the company has targeted to reduce the losses. All projects have strict budgets to which they have to stick to strictly. Losses are mainly caused by errors committed mainly at the “Define” of a project when the objectives laid down are not realistic or the implementation of the policies laid down are not monitored well. The justification of the PIVOT project is also based on SWOT analysis. Thus, there would be strengths and weaknesses in the strengths. The inclusion of this error is acknowledgement of one of the weaknesses the project has to take into account.
As a champion, I would monitor the process of project every day right from define stage to the control stage so as to ensure the errors were minimized. Similarly, all the risks have to be managed since they would put at risk the success of the project. In my assessment of the justification is to make sure that the project is managed within the financial budgets and for this to be done, the right people have to be on board, the resources for the project have to be used very well. In order to meet the requirements agreed upon, it is prudent as a champion to create and implement deliverables for them and create time to meet the project’s target. Finally, I will be keen to ensure the staff and those of other stake-holders which may arise as a result of the changes caused by the project.
The PIVOT Initiative at Midwest Bank is one of the projects of the Six Sigma which was initiated as a process improvement approach. The CPD, which works at the cash vault, is one Midwest’s one of the pilot projects. The team selected and prepared to take up the PIVOT project and is made up of experts and professionals beginning their roles in the “Define” stage. They contributed the skills and knowledge drawn from their previous experience necessary to run the projects in the DMAIC. The team has to ensure that project justification has no issues. However, the $ 280,000 has to be included in the justification to represent the possible errors and risks that may occur during the running of the project. As a champion, I will ensure that there is an efficient mechanism of managing of finance and other resources are well managed.
Colford, J., Fretty, P., Greengard, S., Gries, S. (2006). Executive Guide to Project Management. Project management Institute. Retrieved on July 23, 2013 from www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&sqi=2&ved=0CD0QFjAB&url=http%3A%2F%2Fwww.pmi.org%2F~%2Fmedia%2FPDF%2FPublications%2FPMIEXEC06.ashx&ei=3ZTuUbHyDJGZ0AXX0oCIDg&usg=AFQjCNHLPHgDjkxyheJBi_krbnis4fBf6Q&sig2=nBGCdo7gSFipxTzkbJwEbg&bvm=bv.49478099,d.d2k
Evans, J. R., & Lindsay, W. M. (2008). Managing for quality and performance excellence (7th ed.). Mason, OH: Thomson/South-Western.