Total Lead Time of the process 355 min Overall lead time from talking to the

Total lead time of the process 355 min overall lead

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Total Lead Time of the process 355 min. Overall lead time from talking to the customer till assigning the check to insurance agent is total lead time of the process. Lead time for each process step The lead time of each process varies due to the nature of the customer and product. However, an estimated lead time Total value-added time Value-added time is defined as the time consumed to improve the result of a process. This is usually the processing time linked with production or service. In the VSM chart addition of all value-added activity time is total value-added time. Total value-added time is 195 minutes in the sale process of an insurance policy. Total non value-added time Non-value - added time in a service or production process is the time consumed on a step in that procedure that does not add value to the finished service or a product. Non-value added time is 160 minutes in the sale of an insurance policy. Value-added ratio Value-added time divided by total time spent in the sale of an insurance policy represents the total value-added ratio i.e. 195/355=0.549295.
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PROJECT CHARTER 11 References Bortolotti, T., Boscari, S., & Danese, P. (2015). Successful lean implementation: Organizational culture and soft lean practices. International Journal of Production Economics , 160 , 182- 201. Conger, S. (2015). Six sigma and business process management. In Handbook on Business Process Management 1 (pp. 127-146). Springer, Berlin, Heidelberg. Chakraborty, J. (2017). Firm Performances in Indian Life Insurance Industry: Non-Parametric Analysis. SCMS Journal of Indian Management , 14 (4), 95-111. Furman, J. (2019). Impact of selected lean management tools on work safety. Multidisciplinary Aspects of Production Engineering , 2 (1), 253-264. Gupta, H., & Jain, A. (2018). Disclosure of corporate governance practices in Indian life insurance companies. Disclosure , 3 (2). Joshi, M. (2018). Job Stress and Employee Performance A Comparative Study of Public and Private Sector Life Insurance Companies. Kadarova, J., &Demecko, M. (2016). New approaches in lean management. Procedia Economics and Finance , 39 , 11-16. Masayu, A. R., &Dachyar, M. (2018). Designing Improvement of Procurement Business Process Reengineering Approach: A Study Case of Insurance Company. In MATEC Web of Conferences (Vol. 248, p. 03003). EDP Sciences. Myerson, P. (2012). Lean supply chain and logistics management. New York, NY: McGraw- Hill.
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PROJECT CHARTER 12 Nicoletti, B. (2016). Innovation in Insurance. In Digital Insurance (pp. 6-46). Palgrave Macmillan, London. Ranjbar, M., &Haratemeh, M. H. (2018). Examining the determinant factors affecting the sale of life insurance. Siddiqui, S. A., & Das, S. (2019). Evaluating the Efficiency of Leading Indian Life Insurance Companies. Indian Journal of Economics and Development , 7 (7), 1-4. Sahoo, S., &Yadav, S. (2017). Analyzing the effectiveness of lean manufacturing practices in Indian small and medium sized businesses. In 2017 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM) (pp. 6-10). IEEE. Vignesh, V., Suresh, M., &Aramvalarthan, S. (2016). Lean in service industries: A literature review. In IOP Conference Series: Materials Science and Engineering (Vol. 149, No. 1, p. 012008). IOP Publishing. Worley, J. M., &Doolen, T. L. (2015). Organizational structure, employee problem solving, and lean implementation. International Journal of Lean Six Sigma, 6(1), 39-58.
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