Measuring economic effects of quality management systems

Abstract

Purpose The aim of this paper is to discuss methods to quantify, in monetary terms, the effects of having a quality management system that can help to make decision making easier by company managers easier. Design/methodology/approach There are many different management tools and theories which have been developed in both academic and entrepreneurial environments like the quality management theory, traditional accounting, quality cost measurement and balanced scorecard. The method proposed in this paper takes the form of taking these tools into consideration and analyzing them in detail in order to combine them to form a unique system which can maximize their individual benefits from a holistic point of view of total quality. Findings The paper proposes a measurement method that can be put into practice to ascertain the actual economic effects of quality management systems and to help decision makers. Research limitations/implications The method developed must be validated bearing in mind its limitations for implementation in each company in order to prove its benefits. Originality/value The method is developed by combining many management tools, which are normally used individually.

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