Today,billions of Dollars Are Wasted Through Lack of a Focus

question 95

Essay

Today,billions of dollars are wasted through lack of a focus on quality.This waste can stem from something as apparently insignificant as an improperly scheduled meeting that results in a loss of productive human time to a defective product or undelivered service that results in the loss of a customer.This absence of focus on quality results in product and processing systems which lack flexibility,innovativeness,and timeliness to market.How can the Total Quality Management approach help to eliminate this unnecessary waste?

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Definitions:

International Monetary Fund

An international organization aimed at promoting global monetary cooperation and exchange rate stability.

Short-term Loans

Loans scheduled to be repaid in less than a year, often used for immediate operational needs.

Business Ethics Issue

Concerns related to the moral judgments and behaviors within business practices, including topics like fairness, justice, right, and wrong.

Vertical Systems

Organizational structures that emphasize hierarchical levels of authority and communication, typically with clear lines of command and control from top to bottom.