Summary: Quality Management

Read the summary and the most important questions on Quality Management

• 1 Chapter 5: Competitive Advantage and Strategic Management for Performance Excellence

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• 1.1 Quality, Competitive Advantage, and the Bottom Line

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• How does a strong competitive advantage match an organization’s resources?

  A strong competitive advantage matches the organization’s unique resources with the opportunities in the environment.

• What is a characteristic of a strong competitive advantage regarding durability?

  A strong competitive advantage is durable and lasting, and difficult for competitors to copy.

• What does a strong competitive advantage provide to the organization?

  A strong competitive advantage provides direction and motivation to the entire organization.

• What happens to customers when poor quality producers can't lower their price enough?

  Customers are lost when poor quality producers can’t lower their price enough because wasted material increases variable production costs.

• What does improved conformance in production lead to?

  Improved conformance in production leads to lower manufacturing and service costs through savings in rework, scrap and warranty expenses.

• Is high conformance quality sufficient?

  However high conformance quality is not sufficient.

• On what basis do most consumers make their purchasing decisions?

  Most consumers make their purchasing decisions based on value, or quality relative to price.

• 1.2 Sources of Competitive Advantage

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• What does a supply of consistent, accurate, and timely data across all functional areas of business provide?

  A supply of consistent, accurate, and timely data across all functional areas of business provides real-time information for the evaluation, control, and improvement of processes, products, and services.

• What did many organizations traditionally rely on to assess organizational performance?

  Many organizations traditionally relied on financial and factory productivity measures to assess organizational performance.

• What have studies shown about the link between investing in employees and stock market performance?

  "Studies have shown a strong link between investing in employees and stock market performance. Companies which place workers at the core of their strategies produce higher longer-term returns to shareholders than their industry peers."