Despite the fact that award-winning companies have shown exc
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Despite the fact that award-winning companies have shown excellentfinancial results, their financial performance has not
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Despite the fact that award-winning companies have shown excellent financial results, their financial performance has not always been the best in their industry. The National Institute of Standards and Technology (2004) evolved the Baldrige Index to keep a track of the impact on the share prices of Baldrige Award winners in the USA. In a study, a ten-year common stock comparison of the results was calculated of 1994-2003 Baldrige Award recipients vis-a` -vis S&P 500 value as on 1 December 2004. The National Institute of Standards and Technology (2004) reports that 17 publicly traded Baldrige Award recipients as a group under-performed the S&P 500, and generated a return of 18.15 per cent as compared to the return of 35.58 per cent for S&P 500. NIST felt that Baldrige Index does not accurately reflect the results, accomplishments, and diversity of the Baldrige Award recipients and site-visited organizations (short-listed organisation for the award) and thus discontinued it in 2004. (Talwar 2011:31) What is the point of TQM if it does not achieve financial success for companies? Discuss, using course materials in your answer. Further Guidance for Students: You should start by reading the cited article: Talwar, B. (2011) â€˜Business excellence models and the path ahead ...â€™, The TQM Journal, Volume 23(1): 21â€”35. dx.doi.org/10.1108/17542731111097461 There are several ways of approaching this assignment but all answers should centre on the relationship between financial success and TQM. You may wish to consider how different authors explain and explore this relationship, which might, in turn, lead you to examine questions such as how financial success should be measured, and what is the purpose of companies? You might also consider how TQM can be externally assessed (and thus what was the status of the Baldridge Award). You may, of course, argue that TQM does indeed deliver financial success â€“ but you will need to gather evidence to support your argument. Make sure when you do so that you look for substantiated claims rather than rhetorical arguments â€“ this will require you to look critically at how authors present their own evidence. You should avoid quoting excessively from material published by consultants and practitioners that is widely available on the Internet unless you critically evaluate the claims that are made. You are likely to find much more relevant material in academic journals.
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