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The author introduces Financially Focused Quality (FFQ) to the business world. The FFQ management strategy has been evolving over the years at Lockheed Martin and has been documented as having saved them millions of dollars. FFQ takes TQM and Full-Cycle Corrective Action (FCCA) a critical step further by including a financial viewpoint at the beginning of process improvement activity, and integrating recognition of cost in each step of the process. In the 21st century, technical expertise alone will not be enough. This book offers valuable financial concepts and insights that will greatly improve your worth to your companies. Equipped with FFQ concepts and methodologies, you will be able to observe your workplace from a financial viewpoint, enhancing your value as a decision maker and leader. The book presents the methodology for insuring a company-wide education on key financial issues. With an understanding of basic concepts, the book explains FFQ elements and their use in making and implementing business decisions. The final chapters contain case studies showing successful FFQ applications. Financially Focused Quality: TQM in the 21st Century gives you the skills necessary to implement FFQ in work environments, offering the prospect of improving the translation of quality and cost-cutting measures to the bottom line. It is an important professional reference and provides the financial education that all employees should receive to become leaders in the 21st century.
Table of Contents
Preface Quality Management for Performance Excellence Quality Becomes Big Business The Business of Quality Evolution of the Corporate World Financially Focused Quality Employee Involvement in Quality Management Introduction Human Resources Employee Benefits Employee Participation Total Quality Management Total Quality Service Empowerment and Ownership Employee Suggestion Systems Cost-Reduction or Avoidance Programs Continuous Quality Improvement Process Management Participative Management and Team Building Quality Circles Task Force Teams Natural Work Teams Process Improvement Teams Effective Meetings Brainstorming Summary Managerial Strategies for Quality Management Introduction Total Improvement Management Manufacturing Resource Planning Just in Time Manufacturing Vision Statements Mission Statements Benchmarking/Best Practices Training Quality Management Systems Standardization ISO: ISO 9000 and ISO 1400 External Customer Focus Customer Feedback Expensive Products and Expensive Feedback Inexpensive Products and Customer Feedback Service Industry Feedback and Questionnaires Measurement Process Summary Quality Control Introduction Dr. W. Edwards Deming Process Quality Control and Statistical Analysis Diminishing Returns of Quality Control Measures Quality Control Definitions and Goals Quality Assurance Organization Closed Loop Corrective Action Quality Assurance and the Product Life Cycle Cycle of Quality Activities Quality Assurance Functions Completing the Cycle of Quality Activities: Finance Avoiding Product Liability: Design and Development Introduction Product Safety Basic Conditions of a Product Liability Case Manufacturing Defects Product Assurance Versus Product Liability Evolution of Quality Assurance Systematic Approach to Quality and Safety Assurance Product Design - The Beginning Vendor Materials Control Summary Avoiding Product Liability: Manufacture and Use Introduction Inspection and Test of Vendor Components Inspection and Test in Manufacturing Measurement Industrial Quality Assurance Quality Assurance Through Statistics and Sampling Consumerism Management Resources to Assure Quality Summary Financial Administration Introduction to Financially Focused Quality Adult Education Cycle of Financial Activities Financial Concepts Time-Keeping, Timecards, and Cost Segregation Forecasting Personnel Contracting Modes (Fixed Price/Cost Reimbursable) Rates Per Direct Labor Hour Financial Administration Financial Operations Summary Timecards Teaching Financially Focused Quality and Financial Concepts Financially Focused Quality: Identifying Opportunities Introduction Financially Focused Quality Overview Failure or Opportunity Identification Failure Notice Process Improvement Recommendation Summary Financially Focused Quality: Process Improvement Coordination and Decision Making Introduction Process Improvement Coordination When Corrective Action is not Required Time Requirements Coordination Process Failure Analysts Process Improvement Analysis Meeting Process Improvement Analysis of Cost Process Improvement Follow-Up Plan Process Improvement Closure Notice Financial Administration Product Support Summary Case Studies Manufacturing: Penguin in a Helmet Software Engineering: Litton Training Test Equipment Failure: Lockheed Martin Hotel Industry: Tiara Plaza Hotel Restaurant: Purple Sky Advertising: DSW, Inc. Labor Unions: Security Local Other B.F. Skinner Maslow Glossary Index Summary
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CHOICE – Outstanding Academic Title – Award Winner
CHOICE – 2018 Outstanding Academic Title – Award Winner
Shingo Research and Professional Publication Award Winner
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