Importance of Innovation Strategies in Organizations

Modern Management Concepts

Becoming a Better You: A Guide to Self-Learning While Working Full-Time

General Business Articles

Concept of National Innovation Systems

International Business

Case Study: Henry Ford’s Contributions to Organizational Behavior and Leadership

Management Case Studies

De Bono’s Six Thinking Hats: A Creative and Critical Thinking Model

Human Resource Management

Basic Principles of Total Quality Management (TQM)

Total Quality Management ensures maximum effectiveness and efficiency within a business and secures commercial leadership by putting in place process and systems which will promote excellence and prevent errors. It ensures that every aspect of the business is aligned to the customer needs and the advancement of business goals without duplication or waste of efforts.

Different companies have different approaches to implement Total Quality Management (TQM). The following principles (which are common to all companies) must be adhered for the successful  Total Quality Management (TQM) implementation:

  1. Continuous improvement. TQM is a long-term process that entails achieving improvements in the company’s operations.
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Abey Francis

Total Quality Management (TQM) Implementation

Total Quality Management (TQM) is a method by which management and employees can become involved in the continuous improvement of the production of goods and services. It is a combination of quality and management tools aimed at increasing business and reducing losses due to wasteful practices.

Total Quality Management (TQM)    views an organization as a collection of processes. It maintains that organizations must strive to continuously improve these processes by incorporating the knowledge and experiences of workers. The simple objective of TQM is “Do the right things, right the first time, every time.” TQM is infinitely variable and adaptable. Although originally applied to manufacturing operations, and for a number of years only used in that area, TQM is now becoming recognized as a generic management tool, just as applicable in service and public sector organizations.… Read the rest

Abey Francis

Total Quality Management (TQM) Approach

Quality is a continuous process that can be broken anywhere in the system of supply and customer service. By letting every person know how their activities help fulfill customer’s requirements, the organization can motivate their employees and supplies to provide quality consistently. They must also realize that throughout the organization they will have both internal customers and’ supplies to those outside the organization. In general, a process helps to change a set of inputs into desired output in the form of products or services. Proper investigation of the inputs and outputs of the organization help to determine the action to be taken for the improvement of the quality.… Read the rest

Abey Francis

Total Quality Management (TQM)

Quality Control processes in business are aimed at ensuring a good or service is of the standard of quality that the manufacturer or supplier has determined. Under the concept of   Total Quality Management (TQM), quality control extends to every aspect of the way a business operates. In the case of a manufactured good it means that during design, production, and servicing the quality of work and materials must be up to the standard laid down.

The emphasis put on quality control in many countries in recent years was to a large extent a response to the competitive edge Japanese businesses had achieved by paying attention to quality.… Read the rest

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Work Study

Work Study forms the basis for work system design. The purpose of work design is to identify the most effective means of achieving necessary functions. Work study aims at improving the existing and proposed ways of doing work and establishing standard times for work performance. Work design involves job design, work measurement and the establishment of time standards and worker compensation. Work Study is encompassed by two techniques -method study and work measurement (time study):

  1. Method study is the systematic recording and critical examination of existing and proposed ways of doing work, as a means of developing and applying easier and methods and reducing costs.
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Role of Credit Default Swaps in Subprime Crisis

Background of Subprime Crisis

The immediate cause or trigger of the crisis was the bursting of the United States housing bubble which peaked in approximately 2005-2006. High default rates on “subprime” and adjustable rate mortgages (ARM) began to increase quickly thereafter. An increase in loan incentives such as easy initial terms and a long-term trend of rising housing prices had encouraged borrowers to assume difficult mortgages in the belief they would be able to quickly refinance at more favorable terms. However, once interest rates began to rise and housing prices started to drop moderately in 2006-2007 in many parts of the U.S.,… Read the rest

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