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Key Principles Of Quality Management

Definition of Key Principles Of Quality Management

Derived from the ISO 9001:2000 standard, these eight principles are (1) Customer focus: Management should understand (and anticipate) the customers' needs and requirements, and strive to exceed customer expectations in meeting them; (2) Leadership: Management should establish unity of purpose and direction, and create and maintain an environment in which everyone can participate in achieving the organization's objectives; (3) Involvement of people: Management should involve all people at all levels so that they willingly contribute their abilities in achieving the organization's goals; (4) Process approach: Management should recognize that an objective is achieved more efficiently when activities and associated resources are managed together as a process; (5) Systems approach: Management should recognize that identifying and understanding interrelated processes, and managing them as a system, is more efficient and effective in achieving the organization's objectives; (6) Continual improvement: Management should aim at steady, incremental improvement in the organization's overall performance as a permanent objective; (7) Factual approach to decision making: Management should base its decisions solely on the analysis of data and information; (8) Mutually beneficial supplier relationships: Management should enhance the interdependent relationship with its suppliers for mutual benefit and in creation of value.

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Financial Dictionary

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Financial Dictionary is a dictionary or database that contains the meaning of all financial terms. Financial Dictionary has been created to help anyone, interested in understanding financial terms. It is extremely important to know what the financial terms mean when signing on terms and conditions. When availing financial products, you can be easily cheated if you don’t know what you have signed up for. To avoid this, you must be aware on what the terms really mean.


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We have developed this Financial Dictionary that could be used by anyone for free on our website. We have provided the meanings of almost all the financial terms along with the context in which they can be used. If you have lingering doubts on any financial term, then all you must do is log on to our website and check out the Financial Dictionary.


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If you want to invest in a financial product, you must understand various financial terms. Not doing this could mean losses. Many financial intermediaries misguide you to make quick profits. You can avoid this by understanding financial terms and make smart investment decisions.


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