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Total Quality Management
Total Quality Management definition - finance
A management philosophy that seeks to
improve the quality of products and services by improving work processes in
response to feedback from employees and customers. Early adopters of the TQM
practices were Japanese corporations that were struggling to rebuild their
manufacturing capabilities after World War II. The Japanese were early
adherents to the teachings of W. Edwards Deming, a TQM consultant and pioneer.
In the 1980s, TQM began to catch on in other countries, such as the U.S. TQM
also places emphasis on detecting problems in the system or process, instead of
leveling blame at an individual or department. See also ISO 9000.
Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.
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