This paper presents objective evidence on whether this criticism is indeed justified.The evidence is based on a study of nearly 600 quality award winners. Three critical issues are addressed in this paper First, we discuss the ongoing debate on TQM’s ability to significantly improve financial performance, the reasons for this debate, and the importance o f resolving this debate one way or the other. Second, we present evidence on the financial results that publicly traded organizations have achieved from implementing TQM effectively.
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