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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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