Cost Of Quality: Finance For Continuous Improvement
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Cost Of Quality: Finance For Continuous Improvement Course
Introduction:
Cost of Quality (COQ) serves as a valuable tool for measuring and monitoring costs associated with poor quality, quality improvement, and quality control. However, its successful implementation requires the commitment and collaboration of various functions within an organization. These teams must possess a shared understanding of COQ and work together to establish meaningful metrics.
This course is designed to help organizations improve customer satisfaction, enhance competitiveness, and boost financial performance by establishing a clear link between quality improvement and profits. Participants will learn how to strategically select, manage, and utilize cost of quality improvement projects within their organizations.
Surprisingly, many companies either overlook or remain unaware of the concept of COQ, according to surveys. However, quality costs, which include both visible and hidden expenses, can account for a significant portion of sales, often exceeding 25 percent.
By enrolling in this course, participants will gain a comprehensive understanding of the cost of quality and its impact on organizational outcomes. They will learn how to identify and analyze quality-related costs, including prevention costs, appraisal costs, internal failure costs, and external failure costs. Armed with this knowledge, participants will be equipped to implement effective quality improvement initiatives that yield tangible financial benefits.
The course will emphasize the importance of cross-functional collaboration, as teams from different areas of the organization must work together to establish meaningful COQ measures. Participants will learn how to foster a common understanding of COQ and align their efforts to drive quality improvements and cost savings.
Join us in this course to unlock the potential of cost of quality as a powerful driver for organizational success. By understanding the link between quality improvement and profits, participants will be able to make informed decisions, allocate resources strategically, and ultimately enhance the overall quality performance of their organizations. Together, we will harness the benefits of COQ and drive positive financial results while satisfying customer expectations.
Course Objectives:
By the end of the Cost Of Quality: Finance For Continuous Improvement Course you will learn:
- Analyze and apply key cost of quality principles, including critical success factors.
- Apply CoQ to different types of improvement initiatives and perform calculations regarding supplier CoQ.
- Describe how project? Based and systematic quality approaches support and benefit each other.
- Use CoQ data collection and analysis strategies to meet business goals of reducing risks and lowering costs.
- Identify key change leadership principles that can help enable CoQ implementations
Who Should Attend?
Cost Of Quality: Finance For Continuous Improvement Course is ideal for:
- Professionals seeking to initiate cost-based measurement or improvement programs in their respective organizations or to add to their knowledge of effective measurement systems and quality standards would benefit from taking this course.
Course Outlines:
Foundations of Cost of Quality
- Historical quality and cost of quality milestones
- Key change strategies and critical success factors that can assist efforts to implement cost of quality measures
- The cornerstone prevention, appraisal, and failure (PAF) model
- Characteristics of successful cost of quality implementations and links to continuous improvement
Applying Cost of Quality
- Applying CoQ to different types of quality initiatives
- Applying CoQ to different business environments
Blending Project-Based and Systematic Quality Approaches
- How They Can Support and Benefit Each Other
Collecting and Analyzing CoQ Data
- Reducing risk
- Lowering cost
- Other business objectives
Using Cost of Quality for Continuous Improvement
- Change Leadership Principles