The Cost of Quality (COQ) is a powerful way to measure the effectiveness of a Quality Management System in a single metric. This presentation will explain the basics of the Cost of Quality model and how to calculate the costs of conformance and non-conformance. One very common complaint from engineers and quality practitioners is that they aren’t able to convince senior management to provide funding for their initiatives. By speaking the language of business, one can show the pay-back potential using the ‘free money’ that a reduction in external failure costs provides. Topics include Cost of Quality elements such as prevention costs, appraisal costs, the cost of internal and external failure costs, and how quality failures erode production capacity. Emphasis is placed on including opportunity costs in the calculation in order to understand the true costs of poor quality to your organization. By understanding cost of quality concepts, your team will invest the right amount of money in avoiding quality failures. Through informative explanations and illustrative examples, this presentation will be an ideal introduction to the Cost of Quality metric and how it can benefit your organization.
This presentation is for you if you are:
• Plant Manager, Managing Director, etc.
• Engineering Manager
• Operations Manager
• Quality Manager,
• Quality Engineer,
• Lean or Continuous Improvement Manager