IMPACT OF TOTAL QUALITY MANAGEMENT ON ORGANIZATIONAL PROFITABILITY
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IMPACT OF TOTAL QUALITY MANAGEMENT ON ORGANIZATIONAL PROFITABILITY
Chapter one
1.0 Introduction
This chapter will go into the complexities of this project work, such as the study’s background, problem statement, objective, research questions, research hypothesis, importance of the study, scope and limitations, and so on.
1.1 Background of the Study
Total quality management, the elixir of management success around the world. It has helped to elevate the Asian economy from grass to elegance. TQM is the present “Bride” of management that all businesses must consider if they desire profitability, effectiveness, employee loyalty, long-term growth and development, and continuous existence and relevance.
Total quality management emphasises doing the right thing on the first try in order to acquire and maintain the trust of the customer, who is the ultimate assessor of an organization’s performance.
Total quality management is a systematic approach to ensuring that all activities inside an organisation occur as planned in order to meet the defined needs of consumers and clients.
The emphasis is on incorporating everyone in the organisation in activities that promote continuous improvement and achieve sustained high levels of quality performance.
It is a customer-focused performance tool that may be used by any sort of organisation. It balances and aligns the various parts of business (leadership, strategic planning, human resource development and management, work processes, management information system, external customers, employees, and stakeholders) to provide exceptional results.
As a result, understanding the nature of this new management tool is critical for us committed practitioners seeking extraordinary commercial benefits and organisational success. As a result, given that T.Q.M. is designed to be a customer-oriented performance-enhancing instrument with long-term growth and a constant push to improve services, Jkk ltd. embraces it wholeheartedly.
Total quality management is gradually becoming a critical management issue in many organisations. Aside from the beneficial benefits gained from various quality improvement projects, the implementation of T.QM has had a considerable impact on both the company’s operations and its personnel.
There has been a notable improvement in inter-fictional cooperation and coordination. This has come from a mutual appreciation and knowledge of the goals of the interface between various departments.
In the future, TQM is projected to play an increasingly essential role not only in achieving corporate business objectives, but also in realising the organization’s vision of being the world’s top firm. As a result, we must engage on company improvement initiatives aimed at achieving the aforementioned objectives.
1.2 Statement of Problem
The importance of TQM in corporate operations in Nigeria during this critical period cannot be overstated.
This research project is so intended to identify.
(i) TQM’s working apparatus.
(ii) How does it work?
(iii) Why is it a “bride” of management?
(iv) What are the pitfalls of TQM.
1.3 PURPOSE OF THE STUDY
The goal of this research project is to critically evaluate the impact of total quality management on organisational profitability, particularly in service industries such as JKK, in order to determine whether the practice of TQM concept will result in positive change in the industry and how this can be accomplished.
1.4 RESEARCH QUESTION.
(1) Is TQM necessary for cost reduction?
(2) Is there any relationship between TQM and client loyalty?
(3) Does TQM have an impact on corporate profitability?
(4) Is it worth the managerial effort?
1.5 Research Hypotheses
Hypothesis 1: The establishment of overall quality management reduces the cost of services offered.
H2: There is a significant association between total quality management and client loyalty at the bank.
H3: Proper implementation of overall quality management would improve staff morale, resulting in higher returns and profitability.
1.7 Significance of the Study
The study is crucial, especially in today’s complex corporate environment, where client satisfaction is essential.
1.7 SCOPE AND LIMITATION.
It is impossible to discuss in detail the entire concept of TQM in business organisations in Nigeria due to a lack of time and funds to cover some areas of study, as well as a lack of cooperation from some personnel in obtaining some materials to be used for this research work; thus, this research work would have covered a broader range of topics.
However, in order to have an impact on the empirical analysis of the research as well as for convenience, the scope of study will be limited to JKK Limited.
However, information will be gathered from all those who are stakeholders in the organisation on occasion during the course of the research.
1.8 Definition of Term
1. TQM: Total quality management is a connective link between various arms of the organisation that enables for uninterrupted and efficient functioning.
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