In this enlightening video, we delve into the critical subject of 'Cost of Quality' in product management. As foreign managers aiming to deliver quality products to our customers, we need to comprehend this concept and implement strategies accordingly.

The video initially outlines the fundamental idea of cost of quality: the investments we make to prevent product defects and the expenditures we incur when we fail to meet the expected quality. It addresses two principal dimensions, 'conformance costs' and 'non-conformance costs,' explaining their implications and how they affect product quality and customer satisfaction.

The 'conformance cost,' a preventative measure, is discussed first. It covers the expenditure on training, using advanced tools, and establishing robust development processes. The goal is to ensure things go right the first time. Additionally, it covers the 'appraisal cost,' money spent on testing and inspections to prevent defective products from reaching the customer.

On the other hand, 'non-conformance costs,' or the cost of failures, are also dissected in two aspects: internal and external failures. Internal failures include product reworks due to quality issues detected in-house, while external failures encompass product recalls, reputation losses, and liabilities arising from quality problems identified by the customers.

The video provides real-life examples comparing mobile phones, cars, and aircraft to illustrate the varying levels of cost of quality in different industries. It emphasizes the need for appropriate investment in quality, depending on the potential consequences of product failure.

By the end of this comprehensive tutorial, you'll have a clear understanding of the trade-offs and decision-making processes involved in managing quality costs. The insights gained will equip you with the ability to strike the right balance in quality investment to reduce non-conformance and failure, ultimately delivering top-notch products to your customers.

More details about our PMP Certification Training:
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