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The management of quality keeping at par the cost of the organization involved is referred to as the economics of quality. It is associated with the appraisal of the product quality and at the same time ensuring maximum return for the concerned organization. The earlier concept of 'economics of quality' strived towards assuring a minimum level of quality which resulted in reduced investment and thereby increasing profitability. However the modern concept of 'economics of quality' focuses at attaining an optimum level of quality with the available resources and funds and thereby increasing the overall profitability of the organization.
The process of 'Economics of Quality' involves identification of quality affecting parameters and regulating them a manner to achieve an optimum level of quality at which the overall profitability of the organization is maximized.
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Engineering Economics And Cost Analysis Question And Answers?
Type of financial
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I like to spend quality time with my family.This is a good quality laptop.I demand a better quality.
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quality orientation
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they innovate new things. by having a knowledge of economics and management they can forcast or can predict the utility,advantages,disadvantages of the product. also get to know the scope of the product and it's contribution in growth.
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