In supply chain terminology, what does TQM stand for?

Total Quality Management (TQM) is a management approach that seeks to improve quality and performance in order to meet or exceed customer expectations. It encompasses a wide range of activities aimed at ensuring that all aspects of an organization, including processes, employees, and products, work together to enhance quality.

The concept of TQM involves continuous improvement, employee involvement, and a customer-focused approach. By applying TQM principles, organizations can reduce waste, increase efficiency, and enhance product quality, ultimately leading to higher customer satisfaction and loyalty.

TQM is commonly used in supply chain management because it directly correlates with the ability to provide high-quality products and services consistently. Emphasizing total quality helps organizations identify and eliminate defects, improve processes, and build a culture of quality across the entire supply chain. This is essential in today's competitive market where customer demands are continuously evolving.

In contrast, the other options do not represent the widely recognized terminology used in supply chain and quality initiatives.