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Total Quality Management
Dec 2020
Question 1
Answer:
Gokuul Industries is known for its innovative products. In recent times some of its products failed to meet its customers’ expectations resulting in an increase in the new product development time. Suggest a quality management technique that Gokuul Industries can use to understand its customer’s needs, translate them into product features and quality plan for the products while keeping the competitors’ performance in view.
Introduction
Gokuul industries are a global company and have their presence in most regions of the world. The company is also known for its innovative and creative work in its products. Some of the central values of
Question 2
You have joined Reddy Sons as VP operations. The organization has been confronting several issues like rising in costs, a decline in sales volumes and customer dissatisfaction for the last two years. Reddy Sons works in a conventional method and all performance measures are in traditional financial terms only, like revenue increase, high profit or liquidation etc. You realize that these conventional performance estimates do not help the organization in their quality initiatives. How are you going to change the performance measurement system at Reddy Sons to bring it in line with the TQM philosophy?
Answer:
Introduction
Reddy sons are a very reputed and old company and have a lot of reputation in the market for its quality of products. As Reddy sons is an ancient company it belies in its cultures and its traditional methods. The company follows a lot of customs and rituals and follows its traditions and cultures very strictly. Recently
Question 3
Consistent product quality is the most proven predictor of any manufacturer’s success. Competitors may imitate each other’s marketing, but superior quality stands alone as the truest statement of company’s values. That is why forward-thinking manufacturers are making quality cost management part of their DNA.
Engraining the fundamentals of quality cost management across every plant and production line creates guardrails that keep quality improvement on track. Moreover, it leads to improved product quality and increased yield rates, fostering customer goodwill. That is why manufacturers who have embraced quality cost management are driving higher customer demand and loyalty—and greater profits—than competitors spending millions of dollars to market mediocre quality products.
Knowing the cost of quality (COQ) is essential to earning and keeping a reputation for excellence, nurturing customer trust, and growing over time. Since it represents all the costs associated with stabilizing and continually improving product quality, from suppliers to customers, COQ is the single best metric for tracking how well manufacturing is delivering on the commitment to exceptional quality. It’s common to
see cost of quality account for 15% to 20% of a manufacturer’s sales, and between four to six times the size of net profits a given year.
Columbus, L. (2020, August 28). Getting Started With Quality Cost Management. Retrieved August 30, 2020, from https://www.qualitymag.com/articles/96194-getting-started-with-quality-cost-management
a. Using an industry example, explain the steps to calculate and report cost of quality (COQ)? Compare the calculated COQ with the COQs of some world class companies.
(5 Marks)
b. Explain how the company can reduce its COQ?
Answer:
Introduction
Cost Of Quality COQ is a great way to keep the company name up by maintaining the product quality and always delivering a quality product to the customers. It satisfies the customers to make them happy and loyal customers of the company.
Concept and
Hello MBA aspirants,
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