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What is 'Quality Management'

Quality management is the act of overseeing all activities and tasks needed to
maintain a desired level of excellence. This includes the determination of a
quality policy, creating and implementing quality planning and assurance, and
quality control and quality improvement. It is also referred to as total quality
management (TQM).

BREAKING DOWN 'Quality Management'

At its core, quality management (TQM) is a business philosophy that champions
the idea that the long-term success of a company comes from customer
satisfaction. TQM requires that all stakeholders in a business work together to
improve processes, products, services and the culture of the company itself.
The Origins of Quality Management
While TQM seems like an intuitive process, it came about as a revolutionary idea.
The 1920s saw the rise in a reliance on statistics and statistical theory in
business, and the first-ever known control chart was made in 1924. People began
to build on theories of statistics and ended up collectively creating the theory of
statistical process control (SPC). However, it wasn't successfully implemented in
a business setting until the 1950s.