What Is Quality Assurance in Terms of Value for Money?
Value for money is the measure of whether a company is squeezing all the benefits possible out of the resources at its disposal. Value for money is a phrase sometimes used synonymously with the word "quality."
Other People Are Reading
-
Quality Assurance
-
Quality assurance attempts to detect those policies and procedures that produce products, services and behaviors that negatively impact a company's service or product's value. It consists of checking for defective products, evaluating customer responses to company policies, and monitoring employee and customer interaction. If the company falls short because of excessive defects or customers flee to competitors because they don't like the policies, the company can investigate itself, implement new policies and reduce their financial losses through quality assurance.
Quality Indicators
-
Quality is hard to measure in terms of value of money because quality is determined by customer expectations. Quality must be related to quantifiable industry standards. These standards have to be agreed upon by the consumer. Consumers can agree with their wallets or by way of surveys and social networks.
-
Quality Management System
-
A quality management system (QMS) -- a structured method of gathering information and systematic procedures for conducting business -- is put in place to ensure that agreed upon quality standards have been met. The QMS is the framework that provides a controlled environment to achieve the quality standards, promote consistency and reduce the production of those products or behaviors that don't meet the standard.
-
