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Quality Costs
In process improvement efforts, quality costs or cost of quality 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. Prior to its introduction, the general perception was that higher quality requires higher costs, either by buying better materials or machines or by hiring more labor. Furthermore, while cost accounting had evolved to categorize financial transactions into revenues, expenses, and changes in shareholder equity, it had not attempted to categorize costs relevant to quality, which is especially important given that most people involved in manufacturing never set hands on the product. By classifying quality-related entries from a company's general ledger, management and quality practitioners can evaluate investments in quality based on cost improvement and profit enhancement. Definitions Feigenbaum defined the following quality cost areas: The cent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quality (business)
In business, engineering, and manufacturing, quality – or high quality – has a pragmatic interpretation as the non-inferiority or wikt:superiority, superiority of something (goods or service (economics), services); it is also defined as being suitable for the intended purpose (fitness for purpose) while satisfying customer expectations. Quality is a perceptual, conditional, and somewhat subjectivity, subjective attribute and may be understood differently by different people. Consumers may focus on the Acceptance testing, specification quality of a product/service, or how it compares to competitors in the marketplace. Producers might measure the Conformance testing, conformance quality, or degree to which the product/service was produced correctly. Support personnel may measure quality in the degree that a product is wikt:reliable, reliable, Maintainability, maintainable, or sustainability, sustainable. In such ways, the subjectivity of quality is rendered objectivity (philosoph ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quality Improvement
Quality management ensures that an organization, product or service consistently functions well. It has four main components: quality planning, quality assurance, quality control and quality improvement. Quality management is focused not only on product and service quality, but also on the means to achieve it. Quality management, therefore, uses quality assurance and control of processes as well as products to achieve more consistent quality. Quality control is also part of quality management. What a customer wants and is willing to pay for it, determines quality. It is a written or unwritten commitment to a known or unknown consumer in the market. Quality can be defined as how well the product performs its intended function. Evolution Quality management is a recent phenomenon but important for an organization. Civilizations that supported the arts and crafts allowed clients to choose goods meeting higher quality standards than normal goods. In societies where arts and crafts ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Triangle
The project management triangle (called also the ''triple constraint'', ''iron triangle'' and ''project triangle'') is a model of the constraints of project management. While its origins are unclear, it has been used since at least the 1950s. It contends that: # The quality of work is constrained by the project's budget, deadlines and scope (features). # The project manager can trade between constraints. # Changes in one constraint necessitate changes in others to compensate or quality will suffer. For example, a project can be completed faster by increasing budget or cutting scope. Similarly, increasing scope may require equivalent increases in budget and schedule. Cutting budget without adjusting schedule or scope will lead to lower quality. "Good, fast, cheap. Choose two." as stated in the Common Law of Business Balance (often expressed as "You get what you pay for.") which is attributed to John Ruskin but without any evidence and similar statements are often used to encapsula ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gold In The Mine
Gold in the mine is a metaphor for the potential savings in quality improvement efforts. It is essentially a restatement of the Pareto principle in the context of quality costs In process improvement efforts, quality costs or cost of quality 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. Prior to ...; digging in the right place can produce great savings, though investigating every possible opportunity is not economically feasible. References {{DEFAULTSORT:Gold In The Mine Metaphors Quality control ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Activity-based Costing
Activity-based costing (ABC) is a costing method that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each. Therefore, this model assigns more indirect costs ( overhead) into direct costs compared to conventional costing. CIMA, the Chartered Institute of Management Accountants, defines ABC as an approach to the costing and monitoring of activities which involves tracing resource consumption and costing final outputs. Resources are assigned to activities, and activities to cost objects based on consumption estimates. The latter utilize cost drivers to attach activity costs to outputs. The Institute of Cost & Management Accountants of Bangladesh (ICMAB) defines activity-based costing as an accounting method which identifies the activities which a firm performs and then assigns indirect costs to cost objects. Objectives With ABC, a company can soundly estimate the cost elements o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Restriction Of Hazardous Substances Directive
The Restriction of Hazardous Substances Directive 2002/95/EC (RoHS 1), short for Directive on the restriction of the use of certain hazardous substances in electrical and electronic equipment, was adopted in February 2003 by the European Union. The initiative was to prevent an overabundance of chemicals in electronics. Thus, as a result electronics were restricted. The RoHS 1 directive took effect on 1 July 2006, and is required to be enforced and became a law in each member state. This directive restricts (with exceptions) the use of ten hazardous materials in the manufacture of various types of electronic and electrical equipment. In addition to the exceptions, there are exclusions for products such as solar panels. It is closely linked with the Waste Electrical and Electronic Equipment Directive (WEEE) 2002/96/EC (now superseded) which sets collection, recycling and recovery targets for electrical goods and is part of a legislative initiative to solve the problem of h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Underwriters Laboratories
The UL enterprise is a global safety science company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions. Established in 1894, the UL enterprise was founded as the Underwriters' Electrical Bureau (a bureau of the National Board of Fire Underwriters), and was known throughout the 20th century as Underwriters Laboratories. On January 1, 2012, Underwriters Laboratories became the parent company of a for-profit company in the U.S named UL LLC, a limited liability corporation, which took over the product testing and certification business. On June 26, 2022, the companies rebranded into three distinct organizations that make up the UL enterprise. UL Solutions partners with customers and stakeholders in more than 100 countries to help solve safety, security and sustainability challenges and is also responsible for managing and issuing the highly respected portfolio of UL Marks. The company is one of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ISO 9000
The ISO 9000 family is a set of five quality management systems (QMS) standards that help organizations ensure they meet customer and other stakeholder needs within statutory and regulatory requirements related to a product or service. ISO 9000 deals with the fundamentals of QMS, including the seven quality management principles that underlie the family of standards. ISO 9001 deals with the requirements that organizations wishing to meet the standard must fulfill. ISO 9002 is a model for quality assurance in production and installation. ISO 9003 for quality assurance in final inspection and test. ISO 9004 gives guidance on achieving sustained organizational success. Third-party certification bodies provide independent confirmation that organizations meet the requirements of ISO 9001. Over one million organizations worldwide are independently certified, making ISO 9001 one of the most widely used management tools in the world today. However, the ISO certification process has b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph M
Joseph is a common male given name, derived from the Hebrew Yosef (יוֹסֵף). "Joseph" is used, along with "Josef", mostly in English, French and partially German languages. This spelling is also found as a variant in the languages of the modern-day Nordic countries. In Portuguese language, Portuguese and Spanish language, Spanish, the name is "José". In Arabic, including in the Quran, the name is spelled ''Yusuf, Yūsuf''. In Persian language, Persian, the name is "Yousef". The name has enjoyed significant popularity in its many forms in numerous countries, and ''Joseph'' was one of the two names, along with ''Robert'', to have remained in the top 10 boys' names list in the US from 1925 to 1972. It is especially common in contemporary Israel, as either "Yossi" or "Yossef", and in Italy, where the name "Giuseppe" was the most common male name in the 20th century. In the first century CE, Joseph was the second most popular male name for Palestine Jews. In the Book of Genes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Of Poor Quality
Cost of poor quality (COPQ) or poor quality costs (PQC), 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 Costs''. COPQ is a refinement of the concept of quality costs. In the 1960s, IBM undertook an effort to study its own quality costs and tailored the concept for its own use. While Feigenbaum's term "quality costs" is technically accurate, it's easy for the uninitiated to jump to the conclusion that better quality products cost more to produce. Harrington adopted the name "poor quality costs" to emphasize the belief that investment in detection and prevention of product failures is more than offset by the savings in reductions in product failures. Harrington breaks down COPQ into the following elements: Examples White collar COPQ Harrington noted that expanding cost analyses to management and clerical workers could also make a significant dent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scrap
Scrap consists of Recycling, recyclable materials, usually metals, left over from product manufacturing and consumption, such as parts of vehicles, building supplies, and surplus materials. Unlike waste, scrap Waste valorization, has monetary value, especially recovered metals, and non-metallic materials are also recovered for recycling. Once collected, the materials are sorted into types — typically metal scrap will be crushed, shredded, and sorted using mechanical processes. Scrap recycling is important for creating a more sustainable economy or creating a circular economy, using significantly less energy and having far less environmental impact than producing metal from ore. Metal recycling, especially of structural steel, Ship breaking, ships, used manufactured goods, such as Vehicle recycling, vehicles and white goods, is a major industrial activity with complex networks of wrecking yards, sorting facilities and recycling plants. Processing Scrap metal originates both ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Armand V
Armand refer to: People * Armand (name), list of people with this name *Armand (photographer) (1901–1963), Armenian photographer *Armand (singer) (1946–2015), Dutch protest singer *Sean Armand (born 1991), American basketball player *Armand, duc d'Aiguillon (1750–1800), French noble *Armand of Kersaint (1742–1793), French sailor and politician Places *Saint-Armand, Quebec, Canada *Armand-e Olya, Iran *Armand-e Sofla, Iran *Armand Rural District, Iran * St. Armand, New York *St. Armand's Key in Florida *Armand-Jude River, a river in Charlevoix Regional County Municipality, Capitale-Nationale, Quebec, Canada See also *Arman (other) * Arman (name) *Armand Commission, first commission of the European Atomic Energy Community * Armand de Brignac, champagne brand produced by Champagne Cattier *Armand's Legion, Continental Army military unit *St Armand (other) St-Armand, St. Armand, Saint Armand, or ''variation'', may refer to: People * Saint Herman (dis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
