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The relation of quality management and risk management -or- the future of quality management with risk management - Thesis Proposal Example

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Williams et al (2006, p.67) argues that the extent of effectiveness, efficiency and economy of a business strategy defines the point at which quality management meets risk management…
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The relation of quality management and risk management -or- the future of quality management with risk management

Download file to see previous pages... Widdop et al (2007, p.2) observes that integrating the two approaches to management requires communication. There is a gap in the existing literature of the lack of a framework of enhancing the integration of quality management with risk management and this is the focus of this study. Developing this integrative framework will make it easy for organizations to manoeuvre these important approaches to management.
According to Williams et al (2006, p.68) risk management intersects with quality management at the point at which it seeks to ensure the effectiveness, efficiency and economy of a business strategy or process. Quality management is the design and execution of products and services with the objective of meeting and preferably exceeding customers’ expectations without the wastage of available resources (Williams et al 2006, p.68). Risk management identifies, prioritizes, addresses, and eliminates potential sources of failure of the services and products to meet their set objectives. In this context, risk management is a pre-emptive, proactive, predictive, and preventive endeavour. After studying a number of companies, Williams et al (2006, p.69) found that reducing risk deltas reduces objective gaps and variation hence increasing process quality.
Kuhn and Youngberg (2002, p.159) asserted quality is one of the important issues in risk-based approach to management alongside health, safety and environment. After examining five organizations, Kuhn and Youngberg (2002, p.159) found that continuous improvement, stakeholder satisfaction, adherence to standards and checks and balances, optimizing the quality of every investor’s dollar and prevention are quality principles and practices that seamlessly fit into risk management. Kuhn and Youngberg (2002, p.160) observe that the Six Sigma is an exemplar case of how to integrate quality management with risk management. For example, he notes that Six Sigma’s DMAIC (Define, Measure, Analyze, Improve, ...Download file to see next pagesRead More
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