Keyword Analysis & Research: managerial accounting tqm

Keyword Analysis

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Frequently Asked Questions

What does Total Quality Management ( TQM ) stand for?

Today • TQM is the name for the philosophy of a broad and systemic approach to managing organizational quality. • Quality standards such as the ISO 9000 series and quality award programs such as the Deming Prize and the Award specify principles and processes that comprise TQM.

Who is the founder of Total Quality Management?

The idea of total quality management (TQM) was first postulated by an American engineer and statistician ‘Walter Andrew Shewhart’. It was later refined by ‘Joseph M. Juran’, who was also an American engineer and management consultant.

How is TQM used in the banking industry?

With a focus on long-term change over short-term goals, it is designed to provide a cohesive vision for systemic change. With this in mind, TQM is used in many industries, including, but not limited to, manufacturing, banking and finance, and medicine.

Is the TQM approach costly and time consuming?

The implementation of the TQM approach is costly and time consuming. This is because its implementation requires trained, competent and capable employees. Additionally, the business would require latest machinery, infrastructural improvements and up-to-date database.

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