What do you understand from the terms Quality, Value and Success?
What is the relationship between them?
Please cite examples from real life.
For reference, please visit: Ethics is the Key to Success & Happiness
26 thoughts on “Quality, Value and Success”
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Based on the navigator on the brook, there are positive and negative core values based on ethics. The positive values are associated with giving and the negative values are associated on taking. In order satisfy the customer, you must meet or exceed their expectations. Their expectations are based on the value of the product or service. If the product is based on positive values, then it should perform as stated and the customer will recognize the quality of the product. This perceived quality will create loyal customers. Loyal customers will spread a good word to other potential customers. This will bring growth and success to the company and employees. If negative values are used, the product will not meet the customer’s requirements. Not meeting the customer’s requirements will give an impression of poor quality. This reputation will cause the company to loss a customer and that customer will voice their opinion to other potential customers. Without customers, the company and employees will not have success.
An example is TEOCO, a privately employee-owner held company. The company is based on ethical values in a small company. The company has had ten years of revenue growth. Hard work from satisfied employees have mad the company successful.
http://www.ethics.org/resources/articles-organizational-ethics.asp?aid=938
The word Quality can mean different things to different people. It’s a high regard of excellence in many ways. They can be seen in many ways. For example : “Kobe Bryant is a quality player”. In this case, it’s depicting that he is a very good player. Sometimes the quality can be stressed by mentioning that the quality is either bad or good. So Quality cannot have a definite definition.
Value is basically the weight of worth anything carries. It can be portrayed as either a negative or a positive element. The value and quality of a particular element goes hand in hand. They are inter related. Quality is normally used to measure the value of a particular item or an element. They are again different for different people. All things are not equally valued. Some may find a particular item high in value and the same item may be of low value to another.
Success is the feeling of accomplishment of any task or work. It’s always portrayed as a quantity filled with happiness.
So I believe that if quality and value are hand in hand, then success is what follows them.
Quality can be described as follows: Quality = Performance/Expectations. In other words, we can believe we have good quality when the service or product’s performance equals or exceeds the customer’s expectations.
Value is simply the impression of the worth of a particular product or service to the consumer. If no one wants what you have then the value is zero.
Now success: Success to me is contentment with the state you are in. Success to others may be very different. Society Appears to measure success in a materialistic viewpoint. Others may measure success by power, prestige and influence. But, success in terms of action should be evaluated against you mission/goals. Did you achieve what you set out to accomplish? But I would say even this gets muddy at times because if in the event of your action you evaluate the course and decide to change your mission for something more appealing or more useful action and accomplish your “new” objective then this could be viewed as successful.
I suppose I am saying there is no clean cut definition for success that would satisfy everyone’s impression.
You cannot define value without quality. Success or being successful adds value. All these terms are interconnected.
I used work as a power quality engineer in Nashville, TN. Power Factor corrections were one of the responsibilities of a power quality engineer. Power Factor, simply a measurement of how efficiently electrical power is being used. Power Factor correction help to reduce electrical bill and avoid power factor charges. Reducing electrical bill provides value to the electrical customers. After the correct power factor correction the electrical power is used very efficiently, which mean that quality of the power equipments are also improved. However, power factor corrections do not come too easy. It requires very thorough electrical engineering analysis and correct installation of capacitors. The successful engineering analysis and installation electrical elements provide savings on the electrical bill. From this example you can see that power quality is improved, business or industries saving money or added value to their company. Finally, you can see that both quality and value is obtained successful action.
I recall an industry standard that defines Quality as the degree to which a set of inherent characteristic fulfills requirements. Thus, it is relative to the parameters that are most important – such as longevity, consistency & dependability of a product.
Value though is the weighing of the benefits obtained against the cost (not just price) of acquiring the product/service. This is also relative, but to the need/want/likes of the consumer in question.
Success is the state of achieving objectives/goals or the fulfilment of a vision. It is an ongoin process but only recognizable at the end of a project or endeavour of any sort.
I agree quality can be used to measure the value of something and if these elements are missing, there is no real success as what was achieved is sub-par and not worth the celebration of the phenomenon. The example you’ve provided scott shows clearly what the parameters of quality the customers were looking for. The ones who did not complaint, I would say, found value in the products they recieved in that the jacket lasted them a long time, fit good and looked good at least to them. The contentment of a higher percentage of customers would thus entail success for you and your company.
As we discussed in the Value Management course, Quality could be one way to measure value.
I always seem to think of real life examples at work since I work in a Quality Assurance department. Even though one might not really think there are ways to add much quality or value to a piece of wire, there really are….color, jacket thickness, durability of the jacket material, flexibility, strength, length, etc. I have been overwhelmed concerning the amount of claims that customers file with us. However, if you put yourself in their shoes, what good is a piece of broken wire that doesn’t carry electricity?