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Quality Cost
Quality and Reliability
The cost of quality, in the context of management and the business side of operations, is quite different from (though related to) the cost of quality from a consumer perspective. The old adage, "you get what you pay for" is a word of warning or reminder to consumers that higher quality items tend to be more expensive, and thus the "cost of quality" is simply a higher price tag for consumers. For the companies actually producing goods and services, this same perspective might apply to certain materials and equipment procured for use in the production process, but this is only one of many "costs of quality" that business must endure (Accounting for Management, 2012). Factors of time, process controls, testing, correcting mistakes as quickly and completely as possible, and a variety of business- and industry-specific concerns all impact the costs that a company incurs in making and...
Finding the proper balance between the cost of quality and the price that consumers are willing to pay is an essential part of proper planning for any business (Accounting for Management, 2012).
The YouTube video titled, "The Cost of Quality: Inspirational Stories" provides a brief yet very compelling lesson on why putting in the necessary expenditure to achieve quality is so important. The point of the video seems to be that it is only the failures of quality systems that are truly noticeable, and that the costs of these failures often dramatically outweigh the costs of achieving consistent quality. Through the representation of some truly catastrophic failures, this video graphically and clearly illustrates the importance of quality.
Accelerated Life Testing refers to efforts to test products and other outputs in a manner…
References
Accounting for Management. (2012). Quality Costs. Accessed 18 August 2012.
http://www.accounting4management.com/quality_costs.htm
Bagdonavi-ius, V. & Nikulin, M. (2002). Accelerated Life Testing. Boca Raton, FL: CRC
Press.
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