A Review on Cost of Quality Methodology and Hidden Costs in Manufacturing Industries
Journal Title: REST Journal on Emerging trends in Modelling and Manufacturing - Year 2016, Vol 2, Issue 4
Abstract
Identification and reduction of manufacturing cost is an important task for any manufacturing firm to maximize the profits. Based on budget allocation for all related processes and as improvement and quality costing aspects, Cost of Quality is a very effective methodology to be studied. This article presents a survey of published literature about various quality costing approaches and reports of the success of this IE technique in order to provide a better understanding of cost of quality (COQ) methods. Also this review study focuses on COQ models presented by researchers in addition to the traditional PAF approach. A mammoth task for most companies today is to tackle the inadequacy of most cost-accounting systems in addressing quality costs and in supplying appropriate data in a suitable format that considers total cost. The present study addresses these needs by first refining the traditional ‘Prevention–Appraisal–Failure’ (PAF) categories of quality costs and hidden costs through the definition and addition of two new categories: ‘extra resultant cost’ and ‘estimated hidden cost’. This study aims at discussing COQ as a great IE technique in modern day industrial scenario to improve quality and reduce the cost of product simultaneously.
A Review on Cost of Quality Methodology and Hidden Costs in Manufacturing Industries
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