Six Sigma is a method for improving business processes and reducing defects. It aims to decrease process variation to improve quality, profits, and customer satisfaction. The methodology was developed by Motorola in 1986 and uses statistical tools. There are two approaches - DMAIC focuses on improving existing processes, following the define, measure, analyze, improve, control steps. DMADV is for new product or process design and follows define, measure, analyze, design, verify steps. Six Sigma has been successfully applied across many industries to design and control manufacturing, engineering, financial, supply chain, and healthcare processes.