Mohandas Villunni Parambil and Sankara Raman Sankaranarayanan:
COQ, a strategic tool in decision-making
Capture and eliminate the total value of poor quality, systematic approach to tracking COQ (cost of quality) to identify potential areas to be improved, continuous casting process, breakouts, cost of quality (COQ), cost of poor quality (COPQ), opportunity costs.
Cost of quality (COQ) is the cost of providing quality products or service to customers. The objective of a COQ process is to capture and eliminate the total value of poor quality. Opportunity costs, one of the items of COQ, are hidden and hard to measure failure costs, which can be only estimated such as profits not earned. This short communication discusses the outcome of some case studies carried out in certain steel plants to emphasize the strategic and economic importance of a COQ approach.
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COQ, a strategic tool in decision-making
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