The process of executing and designing products along with its services efficiently, economically, and effectively is the meaning or definition of quality management. Effectiveness, in the context of quality management, primarily involves the capability and ability of the services and products to match the expectations of the customers, or even better by exceeding it. Efficiency, also under the context of quality management, is being able to provide your consumers the products and services that they require while being able to maximize their resources or without wasting it.
On the other hand, the process of addressing, eliminating, identifying, and prioritizing possible ways of failing and its sources in order to achieve the goal is defined to be risk management. By applying risk management into an organizational plan, it would mean being proactive and not reactive, preemptive, predictive especially in the economical area, and to be preventive. Risk management assesses the likelihood and results of an action acted by a certain entity in order to determine which things are supposed to be addressed.
Taking a look on both of risk management and quality management on a high level, both disciplines are reliant on corrective and preventive techniques such as a cause-and-effect analysis in order to determine which choice should be done in order to avoid, prevent, or create a solution a certain situation. Uncertainty are also both accounted for by quality management and risk management by looking for strategies to address them. Inquire from Triple Net Gateway today.
At a certain extent, both risk management and quality management have already in several ways integrated. Consider this for an example, automotive manufacturers of the modern world utilize failure modes and effects analysis which is considered as a control plan. Risk management and quality management, unfortunately despite having very much in common from a point of view, does not speak the same language on an everyday basis. Executing and finding creative ways in order to assimilate and merge quality management and risk management processes together can be considered as very challenging and can be possibly done by people who are very committed into what they are doing, aside from the hard and technical skills of the person. Learn more about risk management at https://en.wikipedia.org/wiki/Risk_management.
Quality management and risk management, as people might initially think about, have a more common ground to share than have a lot of differences. Achieving synergies for a company like Triple Net Gateway that will be able to be able to deal with a lot of problems could be made possible by integrating a holistic approach to quality management and risk management. With this, a company would be able to reduce risk while also being able to increase quality.