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Management - Essay Example

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MANAGEMENT Submitted By Introduction 3 An Infrastructure for Quality Assurance 3 Internal Control System 4 The Internal Control System and Quality Management of Toyota 5 Toyota’s Management System 6 Essentials of Quality Management 7 Tools and Techniques of Total Quality Management 8 Conclusion 10 References 12 Introduction A formal internal control system provides the framework for total quality insurance (TQM)…
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Download file to see previous pages... TQM is a whole process which cannot be made in vacuum. It requires precise techniques and methods such as bench marking and knowledge management along with the control system. This research paper aims at studying and identifying internal control system within Toyota as well as interpreting the criteria for developing and evaluating the control system and its impact on the total quality management. Thesis statement: Internal control and total quality management should not be limited to minimizing cost, improving quality and increasing return on investment but should also emphasize on improving human capital. An Infrastructure for Quality Assurance Total quality function and internal control work side by side for organizational success. Quality assurance provides the basic infrastructure for measuring and reporting quality. Quality assurance program begins with the policy statement by the board which recognizes the need of total quality while minimizing cost. It includes designing of rigorous quality control procedures and development of quality control standards. Internal control serves as the vector of information on quality. Successful companies not only realize the importance of existence of quality assurance methods but also try to do better than the industry average. The impact of good management is usually gauged in the three dimensional framework which consist of high quality, low cost and steadily improved return on investment. In the wake of globalization and accelerating pace of change many organizations now also include quality human capital as the fourth dimension, quality in selecting, hiring, training and evaluating promotion of human capital. Overall quality cannot be achieved without motivating and developing human capital. Motivated employees are not only willing to undertake challenging tasks but it also improves their perception of self worth. Hence the new concept of quality is not just limited to product quality but total quality in every department and process of the company. Every employee should work for the total quality management. It is a virtuous cycle which begins with product quality, cost minimization, fast time to market, business reputation, high performance work environment and eventually leads to improved job performance and personal satisfaction of the employees. Internal control measures job performance and report it to the senior management (Chorafas, 2001). Internal Control System Internal control is the vector of information that provides information to the senior management for decision making. Internal control plays a fundamental role in any business and should be used in integration with strategic control and management control for its maximum benefit. Internal control is based upon gathering information so it has various inputs from different departments and processes of the organizations. It receives information from customers, workers, suppliers and information about other events and condition. This transaction of information is bilateral or two way. Internal control then passes on this information to the higher management who makes plans, authorizations and takes decisions accordingly. Internal controls also provide feedback or follow up of those plans, procedures and decisions. Managements’ ability to fulfill their responsibility and adequate decision ...Download file to see next pagesRead More
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