Total Quality Management and Performance Measurement

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Table of Contents

Concepts of Interest
Biblical Integration
References

Concepts of Interest

Management principles are based on different approaches and techniques designed to create an enabling environment for controlling available capital and increasing productivity. As the target concepts, total quality management (TQM) and performance measurement (PM) practices will be considered from the perspectives of their role in organizational performance and strategic allocation of financial resources. Both techniques are useful when utilized correctly and allow for controlling and enhancing different aspects of the workflow regardless of a business profile.

The concept of TQM is an effective tool for optimizing various operational processes, which is performed to improve the overall quality of work. Blocher et al. (2019) define TQM as “the unyielding and continuous effort by everyone in the organization to understand, meet, and exceed the expectations of customers” (p. 715). In addition to the function of improving the quality of customer service, this technique involves strengthening control over current assets. As Pambreni et al. (2019) argue, those executives who promote TQM as a strategic course can enhance financial performance because budget estimation is one of the integral components of this practice. By creating a sustainable control background, organizations minimize financial threats and, at the same time, work to improve asset allocation mechanisms, for instance, through reporting systems or risk management algorithms involving digital instruments. As a result, firms that use TQM effectively show productivity gains, including in terms of budget safety.

The concept of PM, used in modern organizations, is a reliable and convenient way to assess how productive a company is operating in different areas. According to Blocher et al. (2019), PM implies “the process by which managers at all levels gain information about the performance of tasks within the firm and judge that performance against expectations established in budgets, plans, and goals” (p. 777). Based on this definition, one can see that financial control is included in the range of topics addressed through PM. Allocating organizational resources requires careful analysis at all levels to identify potential risks and ways to optimize the workflow for more efficient use of budgetary funds. Moreover, Weqar et al. (2020) state that different performance measures can be applied not only to tangible but also to intangible assets that affect profit indicators. Therefore, the concept of PM is essential in the context of creating conditions for controlling finance allocation.

While taking into account the features of the two techniques, one can note that both TQM and PM are the concepts that can be successfully applied to the efficient allocation of financial resources. Albuhisi and Abdallah (2018) mention various tools managers may utilize when following these practices, for instance, balanced scorecards, training courses, and other approaches to improve the quality of performance monitoring. Expanding the ability to maintain control over current assets makes financial management safe. Thus, TQM and PM are directly related to resource allocation in organizations and help build a sustainable budget background.

Biblical Integration

From a Christian perspective, the concepts discussed reflect the desire for continuous improvement of oneself and one’s skills. The Bible says as follows: “You see that a person is justified by works and not by faith alone” (“James 2:24,” n.d., para. 4). In addition, according to Keller and Alsdorf (2012), any movement towards improvement is a righteous and natural path for any person. Therefore, applying appropriate techniques to control performance and secure existing assets is a worthwhile effort.

References

Albuhisi, A. M., & Abdallah, A. B. (2018). The impact of soft TQM on financial performance: The mediating roles of non-financial balanced scorecard perspectives. International Journal of Quality & Reliability Management, 35(7), 1360-1379.

Blocher, E. J., Stout, D. E., Juras, P. E., & Smith, S. (2019). Cost management: A strategic emphasis (8^th ed.). McGraw-Hill Education.

James 2:24. (n.d.). English Standard Version Bible. Web.

Keller, T., & Alsdorf, K. L. (2012). Every good endeavor: Connecting your work to God’s work. Penguin.

Pambreni, Y., Khatibi, A., Azam, S., & Tham, J. J. M. S. L. (2019). The influence of total quality management toward organization performance. Management Science Letters, 9(9), 1397-1406.

Weqar, F., Khan, A. M., Raushan, M., & Haque, S. M. (2020). Measuring the impact of intellectual capital on the financial performance of the finance sector of India. Journal of the Knowledge Economy, 12(3), 1134-1151.

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Total Quality Management and Performance Measurement

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