Strategic benchmarking

In addition, the SPC (Statistical Process Control) committee should set objectives for the project and they should be reviewed from time to time make sure they are still valid and meaningful. Objectives may be added, eliminated, or changed, but they must be in place and understood by all. Finally, in terms of TQM, for the project to be a success, the employees must believe in it. This may be achieved by convincing the employees of the importance of their jobs.

Best Practices According to Goetsch (2003), only world-class organizations can compete in the global marketplace. As a result, for TQM implementation, best practices (study and use of) is one of the areas in which Vancity is concerned about doing well as they attempt to compete in the global marketplace. Organizations that have been successful for the quality award have demonstrated that fully met the requirements of the related business excellence criteria.

In this part, two best practices can be applied: Literature review combined with expert opinion; followed by analysis data collection. The literature review investigated a variety of concepts and issues that underlie the role the client’s representative with respect to the principles of TQM. This led to the establishment of the initial finding, comprised of the importance tasks and relevant best practices for the client’s reprehensive when TQM is adopted (Jawnharnesan, 1997).

Strategic benchmarking involves the comparison of different business strategies and their potential for success by Malcolm Baldrige National Quality Award. The award is given those companies that, according to its statutes, have been most successful in pursing their quality program. The award is connected to benchmarking in two ways; first, all prize winners undertake to share their knowledge with other companies. Second, full-quality points score in conditional upon use of benchmarking (Price, 1995).

Strategizing for success is equal of achieving the organizational objective. In fact, a series of planned moves and comprising an organization’s strategic plan that an organization makes, in form of the projects they undertake, need to be linked to the strategic plan.

As a result Vancity Credit Union is judged, ranked, benchmarked, of their achievement by financial resources, sheer size and other quantitative measures which hardly indicate customer service quality by establishing the Total Quality Management. Finally, this simulation illustrated the strategic management process applied to identify and prioritize projects parallel to an organization’s objectives mission.

References

Domingo, R. T. (2003). TQM IN BANKING. Retrieved March 05, 2009, from http://rtdonline. com/BMA/BSM/7. html

Ireland, L. R , Cleland, D. I, (2002). Strategic Design and Implementation, Project Management (4th Ed.)New York: McGraw-Hill

Jawaharnesan, L., Price, A. D. F.(1997 December) Assessment of the role of the client’s representative for quality improvement. Total Quality Management, Vol. 8 (6). Retrieved March, 05, 2009 from EBSCOhost Database

Goetsch, D. L, David, S. B.(2003)Quality Management (4th ed.) . New Jersey: Prentic-Hall.

Kanji, K. G. (1990) . Myth or Mircale, Total Quality Management, Vol. 1, Issue 2. Retrieved March 6, 2009 from EBSCOhost Database

Kerzner, H (2003). A system approach to planning . Project management: scheduling, and controlling(8th ed.). New Jersey: John wiley & Sons Inc.

Kotze, S., & DeCenzo, R. (2004). Fundamentals of Managament (4th ed.). Toronto, Ontario: PEARSON.

Larson, E. W , Gray, C. F,.(2006). Project Management: The Managerial Process (4rd ed.). New York: McGraw-Hill / Irwin

Price, A. D. F., Lema, N. M., (1995 February): Performance Improvement Toward Competitive Advantage. Journal of Management in Engineering, Vol. 11(1), p28, Retrieved February 19, 2007 from EBSCOhost Database

University of Phoenix. (2009). Selecting and Initiating Projects. Retrieved March 06, 2009, from University of Phoenix , rEsource, Simulation