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Process Development and Statistical Analysis

Essay by   •  April 20, 2013  •  Research Paper  •  948 Words (4 Pages)  •  1,452 Views

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Process Development and Statistical Analysis

In the past five weeks, I have been tracking, reviewing and collecting data used to organize and manage a database to be efficient in attempting to meet close file goals and increasing one-touch files to an 80% average. I am expected to process and close 30 loans a month with an 80% one-touch margin. In reviewing the past five weeks I logged and studied the flow chart patterns and compared changes, while discovering the bottlenecks within the system revealing changes I needed to make to improve the process (Chase, Jacobs, Aquilano, 2006). The purpose of creating the process flowchart was to show and track the process I go through throughout a file at the point of submission and the different directions a file can go at the point of submission managing my time and decisions at submission. In this paper I will review the process improvement plan I have implemented to include the statistical process control identified. I will also discuss the effects of any season factors using the process performance data collected each week. Finally, I will discuss the confidence intervals and their usefulness based on the number of data points.

Control Limits

A definition of statistical process control is the application of statistical techniques to determine if a process is delivering what the consumer wants, my consumer is the client and my employer. Statistical process control involves using control charts to detect defective services, tasks, or to indicate that the process has changed and the function will deviate from design unless corrections are made (Chase, Jacobs, Aquilano, 2006.

Statistical process control is generally broken down into three sets first understanding the process, understanding the causes of variation, and elimination of the sources of variation. In understanding a process, the process is typically plotted out and monitored using control charts. Control charts are used to identify variation that may be due to special causes, and to eliminate or alter to correct variation. When a variation is identified one must determine causes of that variance and eliminate or alter it. Once the causes of variation have been determined, elimination or altering of those causes must occur. Generally, the elimination process includes altering the task or removing the task (Chase, Jacobs, Aquilano, 2006).

Understanding the process means knowing the steps involved and knowing the process end goal (Chase, Jacobs, Aquilano, 2006). The process of submitting one-touch files involved fulfilling all underwriters conditions, reviewing the file to ensure no potential conditions have been missed, reviewing all calculated figures, submitting a minimum or average of 3 or 4 files every 2 or 3 days in order to reach 30 closed files a month. The variations identified are subordinations, 1004D, tax transcripts, two-touch files, and underwriting flooding. Understanding the cause of these variations or the

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