The Four Categories of Cost of Quality (COQ)are Prevention,appraisal,internal Failure,and

question 66

Essay

The four categories of Cost of Quality (COQ)are prevention,appraisal,internal failure,and external failure.Assume your cost management instructor has given you an assignment related to COQ.You are to relate each of the cost categories above to the preparation of the class project,which is a study of an actual firm's cost management system.The typical student spends 16 hours researching the firm,five hours writing the report,and three hours in revising and presenting the report to the class.
Required:
(1)Give an example of prevention,appraisal,internal failure,and external failure costs you might encounter in writing and presenting your report.(Example: "Draw up a time budget with necessary deadlines before starting the report" is an example of a prevention cost. )
(2)Which of the four category examples you gave for Part (a)above has the greatest cost? What has the least cost? What has the greatest benefit? What has the least benefit? (Example: "Not saving word processing on disk or hard drive" is an example of greatest cost in terms of time. )

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Definitions:

Efficient

Achieving maximum productivity with minimal wasted effort or expense, often used in the context of production and allocation of resources.

Supply Of Labor

The total number of workers willing and able to work in an economy, including both employed and unemployed individuals actively seeking jobs.

Demand For Labor

The desire or need for employees by employers, determined by the wage rate and the level of production required by the firm or economy.

Price Floor

A government or regulatory-imposed minimum price for a good or service, intended to ensure that the market price does not fall below a certain level.