Cost of Quality
In the quest for excellence, there is a significant need for companies to have a better awareness regarding the cost of quality.
What is a Quality Cost?
Cost of Quality is the total expenses incurred by an organisation in achieving and maintaining good quality as well as in managing poor quality across its operations, with the objective of creating the highest level of customer satisfaction.
An organisation focused on quality promotes a culture that results in the behaviour, attitudes, activities and processes that deliver value through fulfilling the needs and expectations of customers and other relevant interested parties.
Relationship between the result achieved and the resources used.
Extent to which planned activities are realised and planned results are achieved.
New or changed – realising or redistributing value.
Activity to find out one or more characteristics and their characteristic values.
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