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Tqm. "Finding The Balance Between Cost And Quality" Discuss This Statement And Explain What Is Meant By It.

2001 words - 8 pages

Before we look closer into the subject, first we must look at exactly what is meant by quality and cost.Quality is the totality of the attributes of a good or service that meet the requirements of the buyer or customers. The materials which make up the product, the design and the engineering of the product, product performance, reliability and durability are all important characteristics of the "quality package", which ultimately influence customers to buy a product and repeat-purchase It. (Pass 1995)Cost is the expenditure upon resources incurred by a firm in producing and selling its output, Each cost is a charge against revenues and profits for the use or consumption of resources during a trading period. Cost can be classified along the functional lines, distinguishing between production, selling, distribution, administration and finance costs. (Pass 1995)Quality is a term we use to signify excellence of a product or service. We think of a quality product, for example a B.M.W. motorcar. We know its well designed, well built and will therefore last a long time. If we think of car of being low quality, we think of something like a basic model type of Citroen or Fiat, with its flimsy panels, cheap components and low specifications.The quality hotel is denoted by the internationally recognised star rating system, i.e. a 1 star hotel will provide the most basic of comforts and low on hygiene, and a 5 star hotel will provide the most comforts and services. We can immediately recognise then, by simply looking at a hotel's star rating how good it will be and how good of a time we will have if we stay at the hotel.Total Quality Management (TQM) is an organisational process that actively involves every function and every employee in satisfying customer's needs, both internal and external. TQM works by continuously improving all aspect of work through structured control, improvement and planning activities that are carried out in concern with guiding principles that focuses on Quality and Customer Satisfaction as the top priorities.TQM recognises that the Customer is at the centre of every activity. The customer may be external or internal. The key is to determine the gap between what the customer needs and what the system delivers. Once the gap is recognised, it would be systematically reduced and results in never-ending improvement in customer satisfaction at every level.The balance between cost and quality in purchasing is questioned when an organisation is looking to purchase the best for what they can get for their money. However, this is not always the case. One of the main considerations in the purchasing functions is that the quality in question is fit for purpose. Sometimes the overriding factor on the decision to purchase is that products are of the highest quality. E.g. luxury car manufacture Roll Royce will pride themselves on using the finest materials when manufacturing their cars. When at the ordering stage the emphasis will be on high...

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