Quality Control & Process Improvement Flashcards
7 cards from real RMA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Quality Control & Process Improvement flashcards as text
A retirement advisory firm uses a PDCA cycle to improve its client onboarding process. What does the 'Check' phase involve?
Answer: Evaluating results against the planned objectives
The 'Check' phase involves evaluating actual results against the planned goals to determine if the change worked.
Which statistical process control tool is best suited for identifying the most frequent sources of errors in retirement plan document reviews?
Answer: Pareto chart
A Pareto chart ranks defects or errors by frequency, helping teams focus on the vital few causes responsible for most problems.
An RMA discovers that client satisfaction scores vary widely between advisers. Which quality improvement approach directly targets reducing this variation?
Answer: Six Sigma DMAIC methodology
Six Sigma's DMAIC methodology is specifically designed to reduce process variation and defects through rigorous data analysis.
A financial advisory team maps their retirement income planning workflow and discovers a bottleneck at the compliance review step. What lean principle applies to eliminating this constraint?
Answer: Value stream mapping waste elimination
Value stream mapping identifies waste and bottlenecks in a process flow, enabling targeted elimination to improve throughput.
During a process improvement initiative, an adviser tracks the number of plan errors per 100 client files reviewed over 10 weeks. Which chart should be used to detect if the process is in statistical control?
Answer: p-chart
A p-chart (proportion chart) is used to monitor the percentage of defective items in a process over time.
A retirement planning firm implements a standardized checklist for all adviser client reviews. This is an example of which quality concept?
Answer: Poka-yoke
Poka-yoke refers to mistake-proofing mechanisms that prevent errors from occurring or make them immediately obvious.
An RMA firm conducts a Gemba walk as part of its quality improvement program. What is the primary purpose of this activity?
Answer: Observing actual work processes at the place where they occur
A Gemba walk involves leaders going to the actual workplace to observe processes, identify waste, and engage with front-line staff.