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QICID: 21002
Title: Financial Control and Quality
Copyright: ASQ
Author: Stimson, William; Dlugopolski, Tom
Organization:
Subject: Business plans; Economic value; Quality control methodology; Management commitment; Upper management; Cost of quality (COQ); economic case for quality;
Series: Quality Progress, Vol. 40, No. 5, May 2007, pp. 26-31
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Abstract: The case for quality should be easy to make, but it is not always obvious to top management who must be aware of and control the corporation’s finances in order to comply with federal regulations. There are two aspects to measuring financial control - materiality and liability. When quality is expressed in these terms, its value should be clear to top management. In a global economy, it is difficult to separate the concepts of production, service, quality, and market value. Top management must know what’s going on at all levels in the company. This task is not difficult if the CEO sets up financial, operations, and IT systems that conform to ISO 9001, identifies key internal controls, and determines the materiality and variability of the cost of quality.
Number of pages: 6
Price for ASQ Members: $5.00
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