Lean six sigma project management – a stakeholder management perspective

Abstract

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. 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. Practical implications – The model proposed as part of the paper helps project managers to inform, involve and influence different set of stakeholders at different phases of the DMAIC flow. The model leaves an opportunity for further research and customization for other service industries outside the banking and financial services space like hospitality, government, heath care, etc. Benefits and limitations of the model were presented as part of the paper. Originality/value – The paper is the original work contributed by the author. Both the survey findings and the model developed are author’s original contribution for both academicians and corporate professionals.