Today’s MBA graduates must have in-demand skills and knowledge to thrive in business. One of those is understanding and applying Lean Six Sigma (LSS) concepts to improve business practices.
University of Southern Indiana’s online Master of Business Administration (MBA) program introduces students to these concepts through its Lean Six Sigma course, which “provides a broad understanding of LSS principles, concepts, language, and methodology through exercises and case study applications.”
Defining Lean Six Sigma and Its History
LSS consists of two components: Lean methodology and Six Sigma strategy. Both are critical to the concept.
According to Investopedia, in the 1940s, Japanese automaker Toyota established Lean methodology to remove non-value-adding activities from the production process. In the 1980s, a Motorola engineer established the Six Sigma strategy for to identify and reduce defects in the production process.
The LSS methodology began in the 1990s and was introduced by authors Michael George and Robert Lawrence Jr. in their 2002 book, “Lean Six Sigma: Combining Six Sigma with Lean Speed.” LSS is defined as the managerial process-improvement approach built to remove inefficient processes and waste while refining work operations to better meet customer expectations. This results in a system of continuous improvement.
Why Do MBA Graduates Need to Know Lean Six Sigma?
LSS combines the speed and power of both the Lean and Six Sigma components to improve various performance measures, such as throughput, cycle time, work-in-process, cost and quality. Business professionals who apply LSS to their everyday practices typically benefit from the following:
- Increased profits
- Decreased costs
- Improved efficiency
- Improved effectiveness
Overall, LSS helps develop successful people and great teams, from the CEO to the executives, managers and front-line employees. Business professionals with MBAs must understand how to apply LSS because this methodology allows organizations to run more effectively and efficiently.
Advance Your Career With an Online MBA Degree
Applying LSS in business is just one component taught in the University of Southern Indiana’s fully online MBA program. Graduates are also equipped with the knowledge and hands-on experience that are essential to reaching their career goals as a manager, director or VP.
This flexible online program allows you to earn your MBA in as few as 11 months from the comfort of home. MBA graduates typically benefit from an increased salary and more job opportunities throughout their working lifetime.
According to GMAC’s 2023 Corporate Recruiters Survey, the estimated median starting salary in the U.S. for MBA graduates is $125,000 — the highest median earning potential among graduate management programs in 2023. Furthermore, most U.S. employers predict hiring for GME graduates will remain stable in the next five years.
Graduates with an advanced business degree will not only see long-term professional benefits, but they will also gain the knowledge to apply foundational concepts like Lean Six Sigma practices and foster business success.
Learn more about University of Southern Indiana’s online MBA program.