After studying this chapter, you should be able to . . .
- Discuss the strategic importance of quality
- Define accounting’s role in the management and control of quality
- Develop a comprehensive framework for the management and control of quality
- Understand alternative approaches for setting performance expectations (Six Sigma, absolute vs. goalpost, and Taguchi loss functions)
- Prepare and interpret relevant financial information to support quality-related initiatives
- Discuss the use of nonfinancial performance data to support quality-related initiatives
- Describe and understand techniques that can be used to detect and correct quality problems
- Describe lean manufacturing and changes in management accounting systems to support a change to "lean"