"Lean Six Sigma is a business improvement methodology that maximizes shareholder value by achieving the fastest rate of improvement in customer satisfaction, cost, quality, process speed, and invested capital"

 

If you carry out a google search with the above text, you shall find more than 1000 recent web results highlighting the same language. The world has acceptable this as the modern definition. 

Value is different from Quality. The focus of Lean Six Sigma is on Value! The difference can be understood by looking at how American Customer Satisfaction Index is calculated. 

 

 

Value considers the investment w.r.t deliverable and not just the happiness derived by consuming/ experiencing the product/service. The key point, again, is that Lean Six Sigma, is not about Quality but about Value (which leads to satisfaction, loyalty, repeats and referrals)

MORE with LESS (Maximizing Organizational Effectiveness with Lean Six Sigma ) to Get Most and More

' Lean Six Sigma is a managerial approach that combines Six Sigma methods,tools and the lean which utilizes powerful problem solving methodology called DMAIC 

I second that with only one addition "by systematic elimination of wastage".

Moreover , i feel six sigma is a scientific approach to understand business processes, eliminate wastage and fix gaps in the process if any.