What does 'Failure Rate' represent in Six Sigma?

'Failure Rate' in Six Sigma specifically refers to the percentage of defects in products or services. This metric is crucial in quality management as it helps organizations identify and quantify how many products or services do not meet the required standards or specifications.

The significance of measuring the failure rate lies in its ability to drive improvements in processes. In the context of Six Sigma, the goal is to reduce defects to a minimum, ideally achieving a defect rate of 3.4 per million opportunities, which aligns with the philosophy of striving for near perfection in quality.

By focusing on the percentage of defects, teams can analyze where issues arise in their processes, which informs targeted improvements. This aspect is fundamental to Six Sigma methodologies, as it leads to better quality control, enhanced customer satisfaction, and reduced costs due to fewer errors and rework.

The other options do not correctly define 'Failure Rate' within the context of Six Sigma. The frequency of missed deadlines pertains to timeliness rather than quality; employee turnover relates to human resources metrics; and the number of successful projects completed measures project management outcomes rather than product or process quality.