Course: Quality Management and Continuous Improvement Text: Modern Methods for Quality Control and Improvement by Wadsworth by Wiley, 2nd ed. ISBN 9781118431344 Assignment Objectives Calculate the costs associated with quality. Please: answer the following that are highlighted in Lavender: PLEASE!!! Answer the following questions: Please, answer with citations and use credible sources because our discussion board has an automatic \"TURN IT IN.\" THANKS!!! 1) How will accomplishing these objectives support your success in management? 2) What risks or challenges might a manager encounter if he or she has not mastered these objectives? Explain. Below are the examples of my peers discussions: Example 1: The accomplishment of the objectives will generate productive outcomes in my success in management. Critical thinking is a must for all business professionals because it allows individual to conduct critical analysis of situations that can create company growth and produce positive net present value. The ability for rational thinking will always contribute greater educated decisions that will generate a more prosperous financial outcome for the corporation or individual investors. Technology has evolved throughout the years and has always benefited society for the good. In the last 15 years high technological advances have accelerated the way society conducts business at a global scale. High speed transportation now transforming into hyper sonic travel, the fax has been replaced by e-mail, high speed internet, international banking with a press of a button funds can be transferred and deals get sealed. The stock market has changed since the days of paper and pen and now its all-digital with a press of a key stroke stocks are exchanged and sold. Today there is what is known as high frequency trading where corporations hire mathematicians and engineers with super computers and incredible speeds that the regular investor cannot get their hands on that technology. It all comes down to speed and advance algorithmic trading and 1 second makes a big difference when translated to dollars. The opportunities technology in business provides business managers are many and it is up to the manager to get creative and think in a productive way that will create wealth for the corporation and increase company stock value. Ethical and legal issues are a must all business managers should be well aware and how to decipher when negative situations arise, it can be unethical behavior, sexual harassment, bias against nationality and sexual orientation. These are all real situation that unfortunately happen in corporations. Emotional intelligence is a great tool to have and keep enhancing to be able to read and analyze others actions and behaviors. Effective communication in the work place is a critical issue that should be looked at and corrected if something is not being well communicated with others. The communication channel should be free and clear of any static that may stop it from reaching its target with clarity. It is important for business managers to construct plans and keep on improving the business plan or mission by mapping, analyzing and redesigning the process. Business growth starts with a well administrated budget and it is important to be aware of all cost associated with the production of products and services. An output is a function of two inputs (capital and labor) =output. It is very important to evaluate quality control tools and analyze what can be improved so keep consumers for the long term and satisfied about a great product or service. The time study methods are important for organizations because it allows the company to analyze workers and place the most efficient employees in terms of time and effort to certain projects or job positions. The way of recording and cross examine the skills of works allows the organization to make more productive decisions when labor budget is a concern. The total quality management (TQM) is critical for great customer service. The focus it allows the company to concentrate on culture, the work place attitude and the products and services the organization provides consumers with satisfies the consumer's wants and needs. The six sigma method is important because it focuses in discipline and collects data in order to eliminate issues that are present or can become a problem in the future. The risk and challenges can be grave and many if the business manager does not master the objectives. The lost in market share, the lost in profits, a decreased share value, loss of loyal customers to the competitors and bankruptcy can be the final outcome is the objectives are not mastered and applied. EXAMPLE 2: Examination of Course Objectives I believe that the course objectives will have very good outcomes in my success to become a manager. Analyzing critical thinking can be very important to an area or department because it will help to determine areas of improvement or where there is issues that need to be addressed or even where you are benefiting within the company. More in depth critical thinking can help with the financial outcomes for the company, quality, and the stock value. When managing business ethical and legal values are very important that should follow the guidelines that are in place when a situation comes up. There are several areas within the laws such as harassment, sexual orientation, unethical behavior that should be reviewed before it needs to be addressed. There should be open communication in you company to help prevent any of the above situations to occur. When it comes to quality there are several different tools and software or studies that can be used. Using quality tools can ensure the quality of the product and help to improve any areas that are not meeting the requirements. Total quality management is a great value to the overall customer service, it will help to be to focus on employees attitudes, the quality of the product, organizations services that are offered and will help to find the customers' needs and wants. Reference: Modern Methods for Quality Control and Improvement, Wadsworth, Wiley edition 2 EXAMPLE 3: UNIT 1, DISCUSSION BOARD OBJECTIVE Basically one of our objectives is to take a look at TQM showing how many organizations is approaching the total Quality Management proving that this is a sure way to improve and make better the internal sector of their business. Properly implementing this this style of arrangement may lead to some decreased costs that are related to some corrective or preventive maintenance coming to a better performance to make customers happy and coming back to your business. Being that this is not that happens fast, but patience is involved in putting this together. There is some software involved to make this a productive system for any company. Many organizations try to tend to the 7 outlines of Total Quality Management, which are: 1. Knowing the Quality and that it must be organized 2. The problem is the process, not the employees 3. Look for the solution 4. Everyone should know the quality state 5. Understand that is it measurable 6. Make the improvements continuous 7. Ensure that quality is a long term investment Every organization makes this purpose known to their employees and some live by and some don't. This is how and why TQM is so important. Quin Harris,(2010) http://managementhelp.org/quality/total-qualitymanagement.htm