- Total Quality Management - TQM
The continuous process of reducing or eliminating errors in manufacturing, streamlining supply chain management, improving the customer experience and ensuring that employees are up-to-speed with their training. Total quality management aims to hold all parties involved in the production process as accountable for the overall quality of the final product or service.
Total quality management (TQM) was developed by William Deming, a management consultant whose work had great impact on Japanese manufacturing. While TQM shares much in common with with the Six Sigma improvement process, it is not the same as Six Sigma. While it focuses on ensuring that internal guidelines and process standards reduce errors, Six Sigma looks to reduce defects.
Investment dictionary. Academic. 2012.
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