quality

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Quality

The state of being superior to something else. For example, a good is high quality if it is more durable, tastes better, looks more appealing or is otherwise generally better than similar goods. High quality is an important aspect for many goods because it may increase sales. Most companies seek to have or make high quality products because doing so promotes repeat business. On the other hand, some companies sell low quality goods for very low prices and rely on high volume. See also: Quality control.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

quality

the totality of the attributes of a good or service which meet the requirements of BUYERS or customers. The materials which make up the product, the design and engineering of the product, product performance, reliability and durability are all important characteristics of the ‘quality package’, which ultimately influence customers to buy a product and repeat-purchase it.

Firms seek to ‘assure’ customers of the quality of their products by offering GUARANTEES/WARRANTIES covering the repair or replacement of defective items, and also subscribe to quality standards laid down by their trade associations or national/international authorities (e.g. the European Union quality standard – CE).

Product quality is an important source of PRODUCT DIFFERENTIATION, enabling firms to establish BRAND LOYALTY and COMPETITIVE ADVANTAGE over rival suppliers. See QUALITY ASSURANCE, JIDOKA, KAIZAN, HOSHIN, PRODUCT ATTRIBUTES, TOTAL QUALITY MANAGEMENT, QUALITY CONTROL, BRITISH STANDARDS INSTITUTION, BS5750, INTERNATIONAL STANDARDIZATION ORGANIZATION, ISO 9000, BALDRIDGE AWARD, EUROPEAN FOUNDATION FOR QUALITY MANAGEMENT.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

quality

the totality of the attributes of a good or service that meets the requirements of buyers or customers. The materials that make up the product, its design and engineering, product performance and reliability are all important characteristics of the ‘quality package’ that ultimately influences customers to buy a product and repeat-purchase it.

Firms seek to ‘assure’ customers of the quality of their products by offering guarantees/warranties covering the repair or replacement of defective items and also subscribe to quality standards laid down by their trade associations or national/ international authorities (e.g. the EUROPEAN UNION's quality standard ‘C₠‘).

Product quality is an important source of PRODUCT DIFFERENTIATION, enabling firms to establish BRAND LOYALTY and COMPETITIVE ADVANTAGE over rival suppliers. See QUALITY CONTROL, ZERO DEFECTS.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
TABLE 1 SOURCES OF PEER REVIEW DATA Clinical screening indicators Patient safety hotline calls Root cause analyses Patient complaints Claims Cases identified by risk management Trend reports Random reviews TABLE 2 MEDICAL STAFF QUALITY REVIEW COMMITTEE MEMBERSHIP VOTING MEMBERS: Immediate past president of the medical staff (committee chair) Department chairs: Medicine Surgery Women's and children's services Clinical integration Quality, education and research Physician members at large (three physicians) Nurse practitioner NONVOTING MEMBERSS: Senior vice president for medical affairs Director of risk management Patient adviser Chief quality officer, Holy Cross Hospital Additional subject experts as needed
Fully 46% of the members of the quality review committees of the state societies that administer quality reviews come from PCPS member firms; the firms of another 28% are members of both PCPS and SECPS.

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