Name: QUALITY MANAGEMENT MID TERM EXAM Question You are a project management consultant assigned to a small manufacturing firm that has been experiencing a myriad of problems. After conducting interviews and fact-finding with key managers‚ you have observed the following: •Company revenues and profits have fallen dramatically over the previous 12 months‚ along with a drop in market share •Customer complaints have reached an all time high •Employee morale is at an all time low •The
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The House of Quality by John R. Hauser and Don Clausing Harvard Business Review Reprint 88307 Design is a team effort‚ but how do marketing and engineering talk to each other? The House of Quality by John R. Hauser and Don Clausing Digital Equipment‚ Hewlett-Packard‚ AT&T‚ and ITT are getting started with it. Ford and General Motors use it – at Ford alone there are more than 50 applications. The “house of quality‚” the basic design tool of the management approach known as
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Labor Cost Cutting Strategy In a sluggish economy‚ it is more important than ever for businesses to cut costs. Knowing how to reduce the cost of paying employees without reducing product quality‚ dropping employee morale or otherwise sacrificing the way you do business can be the difference between being in the red or the black at the end of the year. Stop the Overtime * Don’t pay overtime unless it is absolutely necessary. Remember that you must pay non-exempt employees 1 1/2 times their
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Current Issues with Health Care Costs Truly Benton Atlanta‚ Georgia Current Issues with Health Care Costs Health care spending in the U.S. continues to soar to unsustainable levels. There are many strategies and views on ways to contain health care costs‚ while improving the efficiency and quality of health care. Hospital services‚ physician services‚ prescription drugs and technology/medical innovation and the aging population are areas that drive the high cost of health care creating an
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have been responsible for the quality movement with the leading contributors W. Edwards Deming‚ Joseph M. Juran‚ and Philip B. Crosby. Compare and Contrast the three primary quality gurus and select one of these leaders and describe why you feel his work has definitely contributed to project quality management. Build on the items presented in the textbook in terms of their contributions and the comparison of the expert ’s work. Discuss the highlights of the quality Guru ’s contribution. Note what
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change in medical technology is also being faced by many developed countries including United Kingdom and United States. Along with‚ the cost and government regulations also pressurize hospitals to reconsider their quality management programs. TQM is considered to be a complete and planned system for the organization management structure that gets superior quality of services and products while using efficient modification in reaction to constant feedback‚ and utilizing them competently to bring excellent
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A Cost Leadership Strategy is based on the concept that you can produce and market a good quality product or service at a lower cost than your competitors. These low costs should translate to profit margins that are higher than the industry average. Some of the conditions that should exist to support a cost leadership strategy include an on-going availability of operating capital‚ good process engineering skills‚ close management of labor‚ products designed for ease of manufacturing and low cost distribution
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Cost Accounting: A Managerial Emphasis‚ EXHIBIT 11-1 Accounting Information and the Decision Process FIVE-STEP SEQUENCE Step 1: Gathering Information AN ILLUSTRATION The current manufacturing line uses 20 employees‚ 15 operating machines‚ and 5 handling materials‚ for a total cost of $640‚000. The rearrangement of the manufacturing assembly line is expected to eliminate materials-handling costs‚ equivalent to $160‚000. The cost of the rearrangement will be $90‚000. Historical
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What is cost of capital? The cost of capital is the cost of obtaining funds‚ through debt or equity‚ in order to finance an investment. It is used to evaluate new projects of a company‚ as it is the minimum return that investors expect for providing capital to the company‚ thus setting a benchmark that a new project has to meet. Importance The concept of cost of capital is a major standard for comparison used in finance decisions. Acceptance or rejection of an investment project depends on the
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(Assume the earnings subject to discussion are reported on the financial statements.) 2) Do the Gibson Guitar Case (in the Bel-Jean handout packet or under the Course Materials tab‚ in the Week 1 folder). 3) Do 2-20 (the cost object is the entire product line‚ not the individual car). (75 min.) Cost Terms and Purposes Handout – Chapter 2 Learning Objectives HDR 2 (pp. 26-37) Two Articles – Where Toyota Went Wrong; Toyota Is Changing How it Develops Cars (Classify the activities and costs discussed
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