TOTAL QUALITY MANAGEMENT Total quality management may be defined as “managing the entire organization so that it excels on all dimensions of products and services that area important to the customer.” It has two fundamental operational goals‚ namely 1. Careful design of the product of service. 2. Ensuring that the organization’s systems can consistently produce the design. These two goals can only be achieved if the entire organization is oriented toward them – hence the term total
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products. Chuck questioned if the current cost-management system was providing the management with accurate data about product costs. In a traditional‚ volume-based product-costing system‚ only a single predetermine overhead rate is used. All manufacturing-overhead costs are combined into one cost pool‚ a grouping of individual indirect cost items‚ and they are applied to products on the basis of a single variable that costs over a given time span (cost driver) that is closely related to production
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Total Quality Management – MGT510 VU Lesson # 01 OVERVIEW OF QUALITY MANAGEMENT PROFESSIONAL MANAGERIAL ERA (1950) In our present age of market driven capitalism and futuristic knowledge driven economic markets‚ the decision are made and the trends are set by the professional managers. Unlike their predecessors‚ the captains of today’s business do not own their own companies. They must know the whole business but have control over only one small part. They must be product oriented‚ process
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TOTAL QUALITY MANAGEMENT By- SANJAY KUMAR* TQM A SUSTAINED MANAGEMENT COMMITMENT TO QUALITY- An Organizations Personality and Culture will ultimately reflect it’s senior Management values‚ If an organization is serious about implementing TQM‚ the Commitments to do so has to start at the TOP‚ and the organization’s Senior Management has to be unwavering in its commitment to quality Focusing on the Customer Lee Lacocca once advertised
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budgets. 3. The costs of direct materials are classified as: A. Choice A B. Choice B C. Choice C D. Choice D 4. The three basic elements of manufacturing cost are direct materials‚ direct labor‚ and: A. cost of goods manufactured. B. cost of goods sold. C. work in process. D. manufacturing overhead. 5. 25. Prime cost consists of direct materials combined with: A. direct labor. B. manufacturing overhead. C. indirect materials. D. cost of goods manufactured.
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Chapter 4: Costs and Cost Minimization Multiple Choice 1. Suppose you are a star basketball player at a major university in your sophomore year. You are sought after by several NBA teams. Which of the following choices best characterizes your opportunity cost if you choose to drop out of college and enter the NBA? a) The value of your college scholarship that you have given up. b) The skills that two more years of playing at your college would have given you along with their additional value
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Cost Control and Cost Reduction A business enterprise must survive‚ grow‚ and prosper. Cost Control and Cost Reduction are activities necessary for ensuring that these objectives are fulfilled. With the liberalization of the Indian Economy and Globalization‚ there is now a cut throat competition from various concerns of the world. As a result there is now a race to secure a place for survival. This has increased the importance of cost control and Cost Reduction. Cost Control “Cost control
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fixed costs‚ semi-fixed costs‚ and variable costs. Fixed costs are those which do not change with the level of activity within the relevant range. These costs will incur even if no units are produced. For example rent expense‚ straight-line depreciation expense‚ etc. Fixed costs are those which do not change with the level of activity within the relevant range. These costs will incur even if no units are produced. For example rent expense‚ straight-line depreciation expense‚ etc. Mixed costs or semi-variable
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B C D Total Production Volume (units) 10‚000 8‚000 6‚000 4‚000 Selling Price $15.00 $18.00 $20.00 $22.00 Materials/unit $4.00 $5.00 $6.00 $7.00 DLH/unit 0.24 0.18 0.12 0.08 Total DLH 2‚400 1‚440 720 320 4‚880 Plant Overhead $122‚000 DL rate/hour $30 Y oungstown has a tradition al cost sys tem. It calc ulates a p lant-wide overhead rate by dividing total overhead costs by total direct labor hours. Assume‚ for the calculations below‚ that plant overhead is a committed (fixed) cost during
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Malla jogarao‚ Asst Professor‚ Email : mjogarao@yahoo.com‚ Mob: 9849966535 Simhadri College of Engineering‚ Narapadu‚Sabbavaram‚ Visakahapatnam Total Quality Management (TQM) Abstract This paper discusses the total quality management (TQM) concept and identifies the principles of successful TQM implementation. TQM is based on the participation of all members of an organization to improving processes‚ products‚ services‚ and the culture they work in. TQM benefits all organization members
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