Risk and quality management are integral parts of project management. While risk management focuses on the probability of achieving goals set at the beginning of a project; quality management stresses on improving, developing and testing processes to deliver best quality products and services. Both tackle very different problems, ensuring overall project success. There are several differences and similarities in the implementation of risk and quality management. Read on to know more about quality risk management!
What Is Risk Management
Anything unplanned which can affect an outcome is a risk. Therefore, the risk is a major consideration regarding products/ services and their processes. Taking considerable actions to mitigate risks is called Risk Management. Furthermore, in this article, we will understand what Quality management is and will also see how Quality Risk Management can impact the outcome and enhance the processes involved in products and services. You can find more on Risk management and its strategies here.
What Is Quality Management
Quality refers to the characteristics and traits of the product to meet specific needs. Quality management is frequently referred to as the act of managing all activities which must be completed in any stipulated time with provided guidelines of quality and delivery. Quality management can vary from product to product, but the tasks are similar. Log in to Simplilearn to learn more about Quality Management along with its wide array of courses.
Relationship Between Risk and Quality Management
Risk Management involves the key Decision-making skills at the beginning of the project. In contrast, quality management happens at the later stage of product development, where the quality of the product is checked and verified according to the customer's requirements. Risk and Quality Management have their equal share of advantages and disadvantages, but both are unique in their ways. For example, risk management involves monitoring, controlling, and mitigating any factors which may be considered a risk and, in turn, facilitates Quality management. Similarly, Quality management helps maintain efficient delivery of products or services, which in its way minimizes the risks involved in their processes.
Difference Between Risk and Quality Management
- Having the Risk management process, the executive cycles guzzled into quality administration assists associations with having a smoother shift to proactive techniques rather than simply responsive than preventive, empowering a climate of ceaseless improvement.
- While quality management gives the 360-degree vision all through the item improvement process-unrefined substances through completed item risk, the executives give an extra layer of insurance towards the start of iteration to distinguish and screen perils before execution even starts.
- In a very general sense, Risk management plays its role before the beginning of a process in the form of anticipating potential risks and minimizing them beforehand, whereas, Quality management and something that comes throughout the whole process to maintain the desired quality of products or services.
Benefits of Quality Risk Management
In an organization, Quality Risk management is important because it helps to facilitate the product better and to make Informed Decisions. Some of the benefits that Quality Risk management provides to the company include:
- Better decision-making: Quality Risk management induces better decision-making because it involves data-driven decisions as opposed to subjective decision-making.
- Customer prioritization: It also helps set the priority towards the better experience of the customer over anything else; a more customer-centric approach always yields better results.
- Efficient use of resources: The biggest impact that Quality Risk Management has on an organization is the efficient use of resources which in turn gives better output in every business aspect.
- Better product output: It is needless to say about the output as Quality Risk management certainly helps any organization to ascertain better quality in products and services by mitigating risks and focusing on the efficiency of products. Learn more about ensuring quality here. Due to the above benefits, the creativity of the product is increased, and the product’s final output is improvised.
Impact of Quality Risk Management
Quality risk management is very much needed in product management and development. Risk management involves making key decisions about the product, and it happens in the initial stages. Meanwhile, quality management checks the product quality and improvises the product design by adding customer feedback. Finally, the product is improved by using quality risk management methodologies.
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