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In process improvement efforts, quality costs tite or cost of quality (sometimes abbreviated CoQ or COQ [1]) is a means to quantify the total cost of quality-related efforts and deficiencies. It was first described by Armand V. Feigenbaum in a 1956 Harvard Business Review article.
Cost Estimating is an approximation of the cost of all resources needed to complete activities. Cost budgeting aggregating the estimated costs of resources, work packages and activities to establish a cost baseline. Cost Control – factors that create cost fluctuation and variance can be influenced and controlled using various cost management ...
Cost of poor quality (COPQ) or poor quality costs (PQC) or cost of nonquality, are costs that would disappear if systems, processes, and products were perfect. COPQ was popularized by IBM quality expert H. James Harrington in his 1987 book Poor-Quality Cost. [1] COPQ is a refinement of the concept of quality costs.
Quality, cost, delivery (QCD), sometimes expanded to quality, cost, delivery, morale, safety (QCDMS), [1] is a management approach originally developed by the British automotive industry. [2] QCD assess different components of the production process and provides feedback in the form of facts and figures that help managers make logical decisions.
Quality Control is the ongoing effort to maintain the integrity of a process to maintain the reliability of achieving an outcome. Quality Assurance is the planned or systematic actions necessary to provide enough confidence that a product or service will satisfy the given requirements.
Crosby argued that implementing strong quality management principles would enable organizations to achieve significant savings that far exceed the costs of establishing a robust quality system. According to Crosby, "quality is free" because it is more cost-effective to do things right the first time than to incur additional expenses from rework ...
A firm may be attempting to offer a lower cost in that scope (cost focus) or differentiate itself in that scope (differentiation focus). [2] Michael Porter's Three Generic Strategies. The concept of choice was a different perspective on strategy, as the 1970s paradigm was the pursuit of market share (size and scale) influenced by the experience ...
Key aspects of quality and how it's diffused throughout the business are rooted in the concept of quality management: [1] [2] Quality planning is implemented as a means of "developing the products, systems, and processes needed to meet or exceed customer expectations."