Quality Management Theories Management Theories Management Essay

Quality Management Theories: White Paper
Name
Institutional Affiliation
Quality Management Theories: White Paper
At the center of competition and determination to amass profits, quality service and products is a necessity. The recent past has witnessed a surging need for quality in service delivery and goods delivered to the market. Business practices are also going through dramatic changes with the goal of remaining competitive and taking advantage of the new technologies in the market. The unpredictable consumer tastes and preferences are causing businesses to face internal and external pressure. Most companies are thinking of useful quality management theories that meet the needs of the business internally and also render the firm, competent enough to withstand the external forces that impact productivity and efficiency. Top5 Financial Company is not exceptional to these issues and challenges affecting companies in the market today. According to the CEO and the board of directors, the main problems facing the firm are lack of client satisfaction, management responsibility, low-quality services, and employee dissatisfaction. These issues stem from within the organization and can be addressed through the four theories of quality management.
This whitepaper explores the following four theories of quality management from a comparative perspective: the continuous improvement theory, the Deming Cycle/ Plan-Do-Check-Act, the Six Sigma, and the total quality management theories. The purpose of this whitepaper is to explore the approaches of quality management and recommend the best method that could help solve the main issues that are affecting productivity and service delivery at Top5 Financial Company. It is expected that after reviewing this paper, the company will opt for the recommended theory of quality management.
Continuous improvement/Kaizen
After the Second World War, Japan was in an economic crisis, and there was a need for a theory that could help companies rebuild and stabilize the economy. Kaizen/continuous improvement theory emphasizes on the need for small daily continuous improvement from the top management to the bottom with the hope that the small-scale improvements will yield positive results over time (Mayo, Escalona, Mejjas, & Staples, 2012). The philosophy behind this theory is that people learn to adapt to a culture of value addition at every step within an extended period, compared to when these radical changes are introduced at once. Top5 Financial Company could benefit from this theory by addressing every issue that is affecting it in steps. The first focus could be to follow the six stages of the Kaizen process. The organization has already identified issues and where they are emanating from. The main problems that are affecting the company are lack of client satisfaction, management responsibility, low-quality services, and employee dissatisfaction. The second step would be to analyze the process from the point where it emanates. The analysis will help the company determine if it has the resources and capability to address the problem. Once the investigation has been done, the management could focus on developing an optimal solution that can then be standardized to fit the organization. ...