financial training update module objectivesapproach finance 101 – 1 day ssa staff & client...
Post on 04-Jan-2016
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Financial Training UpdateModule Objectives Approach
Finance 101 – 1 Day
SSA Staff & Client Staff requiring general Finance introduction
• Understanding of how Business Decisions impact Company Financials
• Basics of Cost Accounting, Accruals, Accounting principles, Cash Flow understanding, Basic Financial Metrics
• Financial Statement Understanding
New Effort
Simulation – group exercise - classroom
Finance 201 – 1 Day
SSA Staff & Client Staff who need to understand financial impact of LSS
• Understanding of how and to what magnitude 6 Sigma projects impact a company’s financial performance & financial statements
New DevelopmentExtension of Simulation from Finance 101Group exercise - classroom
Finance 301 - Project Chartering – 4-6 Hrs.
SSA Staff & Client staff – writing good charters – financial benefits calculations
• Ability to write a well scoped charter to include benefit calculation
• MCs improve ability to charter, form, scope projects with clients
UpdateLecture/Workshop Exercises/Examples – classroom
Finance 302 - Valuation, Prioritization & Selection – 3-4 Hrs.
SSA staff & client staff – focus on project valuation considerations.
• Understand Project Valuation by Financial Categories
• Understanding of business and accounting problems around valuation
• Creating a framework for prioritization
New Development
Lecture/Workshop Exercises/Examples – classroom
Finance Policy & Processes (Finance Champion Workshop) – multiple meetings
Client Finance Champion
• Educate Client on the intricacies of the Financial 6Sigma Processes
• Establish the rules of engagement aka the Finance Handbook
Update
Workshop with FC – series of meetings over time
Fin Analyst Support Role – 1 Day
Client Financial Analysts
• Introduction to Six Sigma & Orientation• FA Role• FA Responsibilities• Project Workshop
UpdateLecture/Workshop Exercises/Examples - classroom
Finance 201 Project Ideas• BS/Cash Flow:
– DSO reduction• Cost reduction:
– Reduce cost of Raw Material (QC for RM) – also inventory project– Supplier consolidation project (reduce RM cost) – also inventory project– Scrap reduction project (probably select which mfg. step to apply improvement to)– Setup time reduction project (probably select which mfg. step to apply improvement
to) – also inventory project– Reduce Temp training time – also inventory project– Reduce office Sq Ft requirements– Reduce Mfg. Sq Ft requirements– MFG cost reduction (lower rate temp?)
• Inventory Projects: - Also Mfg. efficiency– JIT purchases (less – or no - lead time on orders)– Improved scheduling– Demand planning– Obsolescence
• Sales projects:– Price increase (through better advertising, features?)– Volume increase (sales force effectiveness)– Improve forecasting (perhaps see estimate of next month’s orders
Sample Six Sigma project template
Project Name: Reduce Office Space requirements
Problem Statement:Office space usage is disorganized and inefficient – requiring more square footage than ….. Currently leasing 700 Sq Ft at a rate of XX/Sq Ft/Mo
Objective:Implement 5s project/.controls to consolidate & reduce office space requirements by 20% before month-end.
Benefits:XX Sq Ft reduction in office space, at XX/Sq Ft – resulting in a monthly benefit of XX
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