As a Lean Six Sigma practitioner, please answer the following questions:
1. Identify the team members that you would want to participate in this effort and what fundamental knowledge they should bring to the process.
2. Develop the project charter for EasyLoan Company.
3. Identify your customers and their expectations.
4. Develop flowchart (or process map, etc.) for the entire EasyLoan process.
5. Develop a SIPOC diagram for EasyLoan mortgage process.
6. Identify potential output values to analyze.
7. Use the 5 Why’s technique to define the scope of the problem then identify some potential causes for the problem(s) faced by the company.
8. Based on the information you identified in Define phase (above), develop a cause and effect diagram to help address the long processing time associated with EasyLoan loan processing criteria.
9. Develop a current state value stream map (VSM) for loan processing.
10. What is the cycle time for loan processing?
11. In internal process preparation, if operators work 8 hours/day (30 min lunch break applies) and there are 3 operators, calculate the Takt time if the process required finishing 15 application preparations/day. Comment on the process performance compared to Takt time.
12. Based on your analysis in Part 11, if in one day the loan applicants which need internal process preparation were 25, then how many resources are needed in order to avoid application inventory in the system?
13. In your effort to analyze the customer turndown issue, please refer to the data provided (i.e., CTD Survey results) and develop a Pareto chart for frequencies, cumulative frequencies and relative frequencies for the defect categories of loan turndowns. What is the most common turndown reason based on the chart? How would you apply the 80-20 rule in this case? Also, what other actions you can make to learn more information about the most common reason (e.g., is it possible to create more Pareto charts form the survey data)? Please be specific and clearly show and explain your work.
14. While you were reviewing the historical performance data you wanted to know where the company stands from its goal to have < 10% loans less than $1500 commission fee and < 1% less than $700 commission fee. Refer to the data (loan commission data) and develop descriptive statistics based on three loan categories (Conventional, FHA, and Jumbo). Calculate the percentages of commission fees for those three categories? Which category should you focus on according to the data?
15. In order to measure accuracy, repeatability and reproducibility between mortgage appraisers, a sample of 20 properties was appraised by two appraisers: the properties range between $50K and $500K. The appraised values are shown in the table below. Is there any correlation between the two appraised values from the two different appraisers? Draw scatter plot diagram, determine correlation coefficient, and comment on the results.
16. Is there a significant difference between the appraised values? Clearly state and justify your assumptions.
17. Based on the information and analysis you performed what improvement suggestions would you provide to EasyLoan management to improve their process.
18. Improve the loan processing process and document the improved process (future state) with a process flowchart or workflow diagram. Document the future state using VSM
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