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Quality Management for Business Success
Does implementing a quality management process across the organization pay? According to the National Institute of Standards and Technology (NIST), it does. NIST manages the Malcolm Baldrige National Quality Award, instituted by Congress in 1987 to recognize U.S. organizations for their achievements in quality and performance and to raise the awareness about the importance of quality and performance excellence as a competitive edge.
Before 2005, NIST used to conduct an annual study comparing the Baldrige Index, a fictitious stock fund made up of publicly traded companies that received the Award, with the broader stock market. During the 10 years that the study was conducted, the Baldrige Index beat the S&P 500 for eight years, sometimes by as much as 6.5 to 1.
There is no doubt that dedication to quality helps organizations stay competitive. During the last few decades, many quality management programs--Six Sigma, TQM, ISO, Balanced Scorecard, etc.--have delivered real benefits to many organizations across the world in a number of areas including cost control, process improvement, customer retention, product development, etc. That is why organizations have embraced the concept of quality management as a key business enabler and a critical success factor.
Inspection to Total Quality
Fueled by the high-profile adoption by Motorola and GE of Six Sigma methodologies, the …
Fueled by the high-profile adoption by Motorola and GE of Six Sigma methodologies, the …
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"If we knew what it was we were doing, it would not be called research, would it?" - Albert Einstein |