Business Statistics - Essay Example

Lecturer Essay # Quality management Quality management is important for business because it helps ensure that the products and services are consistent and meet the demands of the customers. First, through quality management, businesses are able to understand and respond to the present and future customer needs, which in turn lead to increases in revenues. The loyalty of the customers is improved, thereby enhancing customer retention. Secondly, the top leadership of the business is able to formulate unified goals and objectives that promote a culture of togetherness and purpose within the organization (Knowles, 28).

All activities within the business will be evaluated and implemented in a unified manner. Third, quality management ensures all employees are involved in the running of the business, thereby guaranteeing that their abilities and unique talents are used for the benefit of the business. This helps to grow a motivated, creative and innovative workforce that helps in the full realization of the goals and objectives. In addition, by involving every member of the organization, accountability is enhanced since people are held accountable for their own performance.

Forth, through this process, organizations ensure that the available resources are utilized in the most efficient and effective manner, thereby limiting wastage. This helps guarantee consistent and high quality results. Fifth, quality management promotes a culture of continuous improvement (Knowles, 29). As a business strives to meet the demands of the customers, there are improvements made across all the departments in an organization. Through such improvements, the organization becomes well prepared to react swiftly to new opportunities.

Finally, businesses are able to base their decisions on facts using the available data and information. This ensures that the organization develops policies and procures that promote the overall growth of the organization. Works CitedKnowles, Graeme. Quality Management. Graeme Knowles & Ventus Publishing ApS, 2011.