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QICID: 30431
Title: Quality in Good Times and Bad Times
Copyright: ASQ
Author: Hopen, Deborah
Organization:
Subject: Economics; Quality profession; Senior management; Communication; Economic value; Cost-benefit analysis;
Series: Journal for Quality and Participation, Vol. 32, No. 2, July 2009, pp. 4-6 +Bonus material
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Abstract: A question many quality professionals are asking during this economic downturn is whether senior management is more supportive of quality and improvement initiatives in times of economic prosperity or when the financial picture is bleak. Actually, organizations focus on profit at all times, and cost-avoidance is considered essential. Quality programs are instrumental to business achievement, but quality managers seem unable to communicate this to senior managers. Finance-for-improvement (quality costs) systems can bridge the gap by quantifying quality initiatives financially. This makes quality contributions to the organization more obvious and enables professionals to think bilingually in statistics and finance. A sidebar article discusses linking statistics and finance. More about finance-for-improvement and related topics is available online.
Number of pages: 1
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