TOTAL QUALITY MANAGEMENT IN DIFFERENT

ASPECTS OF BUSINESS
1.
2.
3.
4.
5.
6.

Human Resource Management

Production and Operations
Marketing
Finance
Information Technology
Self Assessment Function
a. Internal Audit
b. Compliance Office
c. Risk Management

Human
Resource
Management
refers
basically to the management of people. Main
focus is employee acquisition and employee
retention

TOTAL QUALITY MANAGEMENT IN DIFFERENT

ASPECTS OF BUSINESS
People
Management
following:

focuses

on

the

a. Hiring
. Interviews,
Written
Examination,
Background Investigation
b.
Training behavioural and technical
training
c.
Compensation and Benefits
Management
Production and Operations
. Division of Labour
. Inventory Management

TOTAL QUALITY MANAGEMENT IN DIFFERENT

ASPECTS OF BUSINESS
Marketing Aspect. This is a broad aspect in
business management because it covers
advertising
and
promotion,
product
distribution, product positioning and selling.
To attain high quality performance in the
field of marketing, the CEO should have
concrete
policy
on
advertising
and
promotion. Products and services should be
known to the public in the print and
broadcast media as well as in the social
media. It is very difficult to sell a product or
services which is considered strange in the
eyes and ears of the public. To add some
ingredients, the company may launched

TOTAL QUALITY MANAGEMENT IN DIFFERENT

ASPECTS OF BUSINESS
Marketing Aspect....
It is common today the different types of
reward cards that is being introduced by
establishments and companies. This means,
whenever you buy the products of that
company you will automatically earn reward
points which in turn can be used for another
purchase.
Product Distribution is an essential part of
Marketing Management.
Some insurance
companies decided to establish linkages to
universal banks to introduce insurance

TOTAL QUALITY MANAGEMENT IN DIFFERENT

ASPECTS OF BUSINESS
Finance Aspect is one are in management
which some professional managers failed to
recognized. They thought that Accounting
and Finance are the same, but it is not.
Finance
covers
the
monitoring
and
management
of
the
firms
financial
statements, looking for some investment
opportunities to earn additional income out
of the companys excess and idle cash,
reduction of expenditures to maximize net
revenue, creating value for non-performing
assets and other vital activities concerning
fund management. Finance correlates with
Accounting in the sense that the former

TOTAL QUALITY MANAGEMENT IN DIFFERENT

ASPECTS OF BUSINESS
Information Technology is one aspect which
cannot be avoided by anyone in a large
business organization because everything
today is computerized.
From Human
Resource to Financial Management and even
in the self-assessment function, operations
are automated. But having a software to
automate operations is not the end of the
game. The company should put the control
mechanisms in the manual and automated
process to make sure that no loopholes and
lapses will occur. Lack of automated control
would expose the company to losses and
fraud. Examples of automated control are

TOTAL QUALITY MANAGEMENT IN DIFFERENT

ASPECTS OF BUSINESS
Self-Assessment Function Internal Audit.
This function in most instances is needed by
an organization to make sure that companys
operations are within the generally accepted
controls and within the company policies and
standards.
Internal Audits function is to
safeguard the companys assets, adding
value
to
the
organization
by
giving
recommendations to improve and streamline
operations
and
providing
reasonable
assurance to the board and stockholders that
the company is free from material exposure
to risks. Internal Audit is an independent
body directly reporting to the Board Audit

TOTAL QUALITY MANAGEMENT IN DIFFERENT

ASPECTS OF BUSINESS
Self-Assessment Function
Compliance
Office. This is most likely applicable to banks
and other financial institutions closely being
supervised by government regulators.
The
basic function of the Compliance Office is to
make sure that the firm is operating within
the government rules and regulations. The
government imposed penalties on private
firms that are not complying with regulations
to ensure that the trust of the public in
general shall be maintained. Examples of
government regulators are the BSP, BIR, SEC,
DTI etc. Educational institutions are being
supervised by CHED and DepEd to make sure

TOTAL QUALITY MANAGEMENT IN DIFFERENT

ASPECTS OF BUSINESS
Self-Assessment Function The function of
Risk Management Unit is to identify the
possible
risk
that
the
company
may
encounter for every business activity. The
risk may be identified before or after the
business transaction. The essence of this
unit in the company is that any exposure to
risk can be avoided at the earliest possible
time. Each member of the Risk Management
Team should have that wide imagination so
that they can foresee the worst scenario. If
the company can foresee this scenario,
preventive measures can be done thereby
giving
enough
comfort
level
to
the