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Business Simulation Seminar

Business Simulation Seminar

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Business Simulation Seminar

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  1. Business Simulation Seminar Total Quality Management TQM

  2. TQM • Objective – improve quality in all facets of a business • Administration • R&D • Production • Support • A continual process of improvement

  3. “Quality is Free” • Studies show that investments in quality improvements pay for themselves • Savings in reduced guarantee expenses • Savings in reduced re-work • Savings in support costs • Increased customer satisfaction

  4. TQM • Embraced by standards bodies • International Standards Org., ISO • ISO 9000 and ISO 9001 • Six Sigma • These may have little to do with product or business success • May be more about the organizations themselves

  5. TQM and the Simulation • Each round can make investments in quality in: • Administration • Production efficiency • Increased demand • Reduced R&D times • Improvements depend upon investment • <$500k – little improvement • >$2M – get diminishing returns • >$5M over 2-3 years gives no improvement