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Redefining quality in terms of value, risk and cost: a literature review

Redefining quality in terms of value, risk and cost: a literature review The purpose of this paper is to present a literature review demonstrating that quality and its management are increasingly definable as a balancing act between value, risk and cost throughout the value stream, from product/service design to production and delivery, and purchaser decision-making. An original framework is presented showing this interplay across the value stream, referred to as the QVRC framework.Design/methodology/approachContent analysis is combined with bibliometric analytics, displayed via temporal graphs and citation networks. Reviewed literature is transdisciplinary, encompassing marketing, operations/quality and psychology sources. Core quality management methodologies are positioned on the framework illustrating their relative contribution to value, risk and cost management.FindingsThe QVRC framework is developed, and used as a basis for classifying models and methodologies associated with quality management. A set of propositions are developed, which, together with the framework, set an agenda for further research.Research limitations/implicationsNo literature review can capture the richness of discourses on terms as pervasive as value, risk and cost. This paper aims to present a systematic and reliable sampling of such literature.Practical implicationsThe resulting model can be applied to management tools, and to products and services.Originality/valueResearchers, particularly in marketing, have developed models of value, risk and cost in terms of products and services. However, delivering products that provide the appropriate value, risk and cost trade-off is an operations management problem. This is the first paper to combine value, risk and cost across the value stream showing how this interplay extends beyond product. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Quality & Reliability Management Emerald Publishing

Redefining quality in terms of value, risk and cost: a literature review

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Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
0265-671X
DOI
10.1108/ijqrm-06-2020-0209
Publisher site
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Abstract

The purpose of this paper is to present a literature review demonstrating that quality and its management are increasingly definable as a balancing act between value, risk and cost throughout the value stream, from product/service design to production and delivery, and purchaser decision-making. An original framework is presented showing this interplay across the value stream, referred to as the QVRC framework.Design/methodology/approachContent analysis is combined with bibliometric analytics, displayed via temporal graphs and citation networks. Reviewed literature is transdisciplinary, encompassing marketing, operations/quality and psychology sources. Core quality management methodologies are positioned on the framework illustrating their relative contribution to value, risk and cost management.FindingsThe QVRC framework is developed, and used as a basis for classifying models and methodologies associated with quality management. A set of propositions are developed, which, together with the framework, set an agenda for further research.Research limitations/implicationsNo literature review can capture the richness of discourses on terms as pervasive as value, risk and cost. This paper aims to present a systematic and reliable sampling of such literature.Practical implicationsThe resulting model can be applied to management tools, and to products and services.Originality/valueResearchers, particularly in marketing, have developed models of value, risk and cost in terms of products and services. However, delivering products that provide the appropriate value, risk and cost trade-off is an operations management problem. This is the first paper to combine value, risk and cost across the value stream showing how this interplay extends beyond product.

Journal

International Journal of Quality & Reliability Management – Emerald Publishing

Published: Sep 29, 2020

Keywords: Cost management; Literature review; Risk management; Value stream; Quality

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