Cost Management: A Strategic Emphasis 5th Edition by David Stout, Edward Blocher, Gary Cokins

Exercise 80

Define what is meant by the term relevant financial information (for decision-making purposes). Within the context of quality-related spending and investments, list some of the more important benefits (cost savings and revenue gains) that organizations can anticipate.

Step 1 of 2

Quality is an attribute of a good which helps in measuring and judging the performance of the good. Quality as a concept is many times subjective in nature and depends upon the perception and judgement of the person. It is associated with customer satisfaction with respect to experience of using the good. It can be measured as difference between and expected and actual performance of good.