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Articles
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QICID: 24447
Title: Raising the Bar
Copyright: ASQ
Author: Feigenbaum, A.V.
Organization:
Subject: Cost of quality (COQ), Cost-benefit analysis, Failure cost, Total Quality Management (TQM), Business performance, Quality management principles, Customer and market focus;
Series: Quality Progress, Vol. 41, No. 7, July 2008, pp. 22-27
This ARTICLE is available FREE
to all readers.
Abstract: Companies seeking to expand their global reach face a dual challenge created by the rising cost of development and the need to keep prices down in a demanding global market. Good leaders meet this challenge by measuring the benefits of quality as opposed to the cost of business failure so that these costs can be managed systematically. Total quality management (TQM) provides a systematic foundation allowing companies to manage costs and turn them into a competitive advantage. The management and measurement of the economics of quality set companies apart in terms of market strength and leadership.
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