Royalty and Six Sigma

Royalty typically refers to a payment made to individuals or organizations for the use of their intellectual property, such as patents, trademarks, or copyrights. This is often a percentage of revenue generated from the use of that property. Six Sigma, on the other hand, is a set of techniques and tools for process improvement aimed at reducing defects and variability in manufacturing and business processes. It focuses on data-driven decision-making to enhance efficiency and quality, ultimately striving for near perfection in performance (3.4 defects per million opportunities). Together, these concepts emphasize financial and operational excellence.