Managerial Accounting Research Paper

Topics: Management, Total quality management, Quality management Pages: 40 (11057 words) Published: January 9, 2013
5th January, 2012

To
Nazmul Hasan
Lecturer
Faculty
School of Business
University of Information Technology & Sciences

Subject: Submission of Research Paper on “TQM as competitive advantage”.

Dear Sir,

In the following pages, we have presented the Fall2011 ACT-341 project, which you have authorized us to prepare and submit by 2011 as ACT-341 course requirement.

This particular report has given us the opportunity to get hands on experience regarding different Dynamics of Advantages of Total Quality Management. We are tremendously thankful to you for giving us the opportunity to learn the practical skills during the course.

We have enjoyed preparing the term paper though it was challenging to finish within the give time. In preparing this term paper, we have tried our level best to include all the relevant information.

Sincerely,

..........................................

Shah Amanat Ullah

ID: 07510033

Acknowledgement

This is our humble attempt to present gratitude in writing this “Research Paper on Total quality management as competitive advantage”. Our acknowledgement begins by thanking our course teacher, Nazmul Hasan, who has provided us with suggestions for making this Final Report and also provided us with the format for preparing this report. We would also like to give special thanks to the teacher giving us valuable time to know about course “Managerial Accounting”. And we all would like to thank each and every member of our group for all the hard works regarding the report and we ourselves like to congratulate us for the accomplishment of the report successfully.

Thank You

Executive Summary
A company that can produce goods at lower costs than their competitors, while delivering quality products that satisfy their customers will have an advantage over those companies that do not duplicate those feats. The Total Quality Management (TQM) business philosophy of satisfying the customer with quality goods and services, reducing waste and empowering workers and suppliers is a method to achieve those goals. Total Quality Management (TQM) is a management style that implies non-stop process of quality improvement of products, processes and personnel work. This is a bunch of methodologies that drive company to strategic goals achievement through unceasing quality development. It is focused on production of goods and services that possess high-quality from viewpoint of customers. TQM was elaborated on basis of Edward Deming's theory. This philosophy has successfully started many years ago in Japan and USA . TQM has shown phenomenal results and now it is used in many successful enterprises all across the world. It allows obtaining faster, fundamental and more efficient business development, because it stimulates production of much better products for better prices. There are 5 "sicknesses" or mistakes that should be driven out of organization for successful implementation of TQM. If these "sicknesses" are not eliminated, they can entail failure of TQM and gradually destroy a company. Here are these "sicknesses": • Management of only basic line. Organization that takes care only about basic line of development and manages only numeric results is doomed to failure. Management is a hard work and manager that works only with numbers lightens his/her task. Actually manager should know all process workflow and being involved into the process, understand what can be the source of problems and be an example for subordinates. • Evaluating of activity with a help of quantitative rates system. Evaluating of activity with a help of quantitative rates system. Evaluating that uses system of quantitative rates, reports, annual reviews of attainments, etc. can cause forced quotes, classification and ratings that entail unhealthy competition, break of team collaboration within...

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