QMD Managing for Quality Webinar Series Session #8

Understanding the Financial Components of Quality

Gregory H. Watson, PhD.

August 18, 2020
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How will “Managing for Quality” change?
Session 1 Making Quality-Based Executive Decisions
Session 2 Leading Transformation – Managing Improvement
Session 3 Designing Quality as an Inclusive Business System
Session 4 Conducting Executive Inquiry and Formulating Strategy
Session 5 Understanding Japanese-Style Strategy Management
Session 6 Organizational Learning – Triple-Loop Experience
Session 7 Engineering Management – Designing Future Firms
Session 8 Understanding the Financial Component of Quality
Session 9 Reflecting on Strategic Implications of Attractive Quality
Session 10 Discovering Profound Insights of Operational Excellence
Session 11 Defining Quality to Apply to Everyone, Everywhere
Session 12 Managing for Quality Amidst Digital Turbulence

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Abstract of Session #6:
Quality professionals typically discuss financial implications of quality as first defined by
Armand V. Feigenbaum and called Cost of Poor Quality (COPQ) by Philip B. Crosby. This
concept is not persuasive to executives, senior managers, or their CFOs. Management
applies traditional cost accounting methods using standard cost to plan and make their
resource investment decisions and analysis of payback and benefits.
This webinar provides quality professionals with better insights into related subjects of
economics, accounting, and finance to understand how they apply to business. It also
describes inherent conflicts that have existed since the 1800s between labor-based and
capitalist-based theories for understanding sources of profit and allocating the benefits
according to contributions of both labor and investors. This is a complicated structure
that entails economics, finance, and accounting. To understand it, this webinar links the
historical roots of economics with its evolution into modern accounting which occurred
from 1880 to 1939. Critical implications that this evolution has on accounting for waste
and loss in productive operations will also be discussed.
This insight helps quality managers improve conversations on financial matters as they
discuss benefits of quality improvement with C-Suite team that relies on the traditional
accounting method of standard costing to allocate costs are allocated, define benefits,
and track performance for quality improvement activities.

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Learning Objectives for Session #6:
Learning Objective 1: Understand how costs has been treated from an
historical perspective – what is the evolution in its development?
Describe the historical evolution of economic theory and cost accounting
practices.
Learning Objective 2: Learn how quality has been accounted for in these
historical evolutions of financial decision-making?
Identify the source of distortions in financial methods that have an impact
on decision making and how quality accounting is conducted.
Learning Objective 3: Discover the difference between the conditions of
“over-quality” and “under-quality!”
Investigate the meanings of “over-quality” and “under-quality” as based
on the historical use of quality-cost trade-off curves that have been used
since the mid-1950s and discover how the mental model creates much
confusion about the value of quality among business leaders.

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Setting the stage for this discussion:
Understanding the three aspects of monetary methods:
• What is the job of accounting?
Accounting counts the money that comes in (as sales) and also
counts money that goes out (as expenses). What remains left is
gross profit.
• What is the job of finance?
Finance decides where to get investment funds, how to manage
the money received, and then what arrangements to make for
its return or payback.
• What is the job of economics?
Economics defines the monetary system of society and governs
financial linkages between companies and national the systems
for wealth distribution and allocation of social benefits.

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Understanding the Financial Components of Quality

Part 1:
Historical Development
of
Financial Methods

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Economics has been called “the dismal science!”

“Microeconomics concerns things that the economists are

specifically wrong about, and macroeconomics concerns
things economists are wrong about generally.”

“Or, to be more technical, microeconomics is about the

money you don’t have, and macroeconomics is about the
money that governments are out of!”

~ Patrick, J. O’Rourke
Political Comedian

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The “roots” of economic thinking:
How did our thinking evolve to the current state of economics?
• Economics is the study of how available resources are used
and organized to deal with the needs of society.
• Discussions leading to the rise of mercantilism and trade:
The earliest form of economics described how trade occurred
between states and gave rise to the mercantile class.
• Eventually this evolved into “classical” economics:
Classical economic theory refers to wealth as the ebb and flow
of money and is about how value is assigned to trade. It holds
three principles: each pursues what is best for themselves (or
self-interest), division of labor (specialization of work), and the
freedom of production and trade (trade is mutually beneficial)
to assure that the best interests of society are fulfilled.
The ability to trade and access to markets
are the entry conditions to establish wealth.
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Applications of economic analysis:
How did our thinking evolve to the current state of economics?
• Aristotle, St. Thomas Aquinas, and Albertus Magnus:
Natural law implies utilitarian theory, competition, and rules
to establish prices as an interdependence between beliefs (or
metaphysics) and economics set the basis for free markets.
• Adam Smith and The Wealth of Nations:
Identified the morality of wealth and established the current
concept of the “free market” which operated through action
of “the invisible hand” responding to supply and demand to
set prices. It is best managed by “laissez faire” or “hands-off”
way by government not-interference through policy decisions.
• Discussions about production in the “Industrial Revolution:”
Mass production change the balance of power in business.
Is there a moral imperative for equity in the
distribution of society’s wealth?
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How is the field of economics divided?
How did our thinking evolve to the current state of economics?
• Macroeconomics – the study of wealth in society:
How do employment, wages, and prices influence growth of
the entire social system of a nation? It studies the balance of
trade between nations, productivity of a nation, and relative
contributions of industries to Gross National Product (GNP). It
deals with the aggregate performance of a national economy.
• Microeconomics – the study of resources within a firm:
What decisions do individuals and companies make about the
distribution of resources and the price of goods and services?
This focuses on supply, demand and forces that define how to
establish prices to manage product demand. It deals with the
local economic condition of a firm within its industry.
Microeconomics makes a firm competitive;
macroeconomics describes how well a firm’s
industry operates in society. 10
Economics describes the flow of money …
… accounting counts where it is going!

Accounting for Accounting:

• Accounting is the measurement, processing and communication of
financial information about an economic entity.
• Accounting speaks “the language of business” and is used to “keep
score” of the results that are obtained by management.
• Accounting provides a systematic recording, reporting and analysis of
the financial transactions of an organization.
• Accounting involves the summarization of bookkeeping results as
well as the analysis, verification and reporting of the results.

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How did modern accounting evolve?
The initial focus was on paying workers and making them efficient.
• Emile O. Garcke (1856-1930) and John Manger-Fells (1858-1925) wrote
the first text on cost accounting. It applied cost records to double entry
bookkeeping and separated between fixed from variable costs [Factory
Accounts: Their Principles and Practice (1887)].
• Frederick W. Taylor (1856-1915) emphasized used cost information to
evaluate work processes efficiency and sought “The One Best Way” to
design work and exploit productivity [Piece Rate System (1895), Shop
Management (1903) and Principles of Scientific Management (1911)].
• Harrington Emerson (1853-1931) said that the primary purpose of cost
accounting is to aid in reducing costs through disclosing the existence of
inefficiencies in the operations of a firm [Efficiency as a Basis for
Operations and Wages (1909) and The Twelve Principles of Efficiency
(1912)]. He used costing methods to track efficiency improvement.
Delivers “maximum prosperity” through the
productive system – but it was not equitably
distributed!
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How did modern accounting evolve?
The initial focus was on paying workers and making them efficient.
• Alexander H. Church (1866-1936) developed a systems of accounting
principles based on scientific management to assure the production of
parts efficiently and the profitability of the firm using a documented,
structured accounting system [Proper Distribution of Expense Burden
(1908), Production Factors in Cost Accounting & Works Management
(1910), and The Science and Practice of Management (1914)].
• Henry L. Gantt (1861-1919) invented a chart to assign responsibility
and measure performance rather just maintain accounting cost control
over expenditures [Organizing for Work (1919)].
• G. Charter Harrison (1881-1958) developed the equations to calculate
standard cost and the accounting procedures to apply them [Cost
Accounting to Aid Production: A Practical Study of Scientific Cost
Accounting (1921)].*
Basic elements of standard cost accounting
have now been developed!
* Paul T. Crossman (1958), “The Nature of Management Accounting,” The Accounting Review,
33:2, pp. 222-227. 13
How did modern accounting evolve?
Next modern accounting analysis methods were developed:
• James O. McKinsey (1880-1937) invented an ability to analyze finances
and provide senior managers with decision making support beyond the
efficiency-producing techniques of engineers [Budgetary Control (1922)
and Managerial Accounting (1924)].
• F. Donaldson Brown (1885-1965) created ratio analysis methods for the
analysis of financial efficiencies (i.e., Return on Investment (ROI), Return
on Equity (ROE), etc.) to analyze budgets. This was called the du Pont
method after General Motors CEO Pierre S. du Pont (1870-1954).
• Walter A. Shewhart (1891-1967) concentrated on production efficiency
for economic control of quality by emphasizing control of the processes
of production using statistical methods to produce predictable results at
the lowest cost (including the cost of failure) [The Economic Control of
Quality of Manufactured Product (1931)].
Financial and operational methods both had
definitions of variance – but they are not
the same.
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The performance of money must be measured!

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The current state of accounting is still the same!
Accounting has not changed in principle since then; just in number of rules!

* International Federation of Accountants (IFAC)

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Key definitions of terms used in accounting:
• Managerial Accounting: a process of identifying, measuring, analyzing,
interpreting and communicating information about finance and cost to
make informed decisions for enhancing business control.
• Fixed Cost: a cost which does not change with respect to the volume of
goods or services that are produced.
• Variable Cost: costs of material, labor, and overhead that will change as
a function of goods or services produced.
• Standard Cost: an estimate of the cost of operations for the production
of good or services using average historical data.
• Overhead: a cost or expense (e.g., rent, utilities, etc.) related to activity
of the organization rather than attributed to a specific operation.
• Absorption: assignment of fixed and variable costs to calculate product
or service cost (used for assigning general cost to estimate price).
• Ratio Analysis: a method for converting all financial data into a set of
simple mathematical ratios for comparison (e.g., ROI, ROA, ROC, etc.).

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Why is the CFO so important to executives?
• CFOs provide the performance reports to
its governance body about performance
with respect to funds invested into their
organization and their ability to produce
benefits that meet investor expectations
for profitable growth.
• Accounting systems were developed to
report profit and loss and calculate taxes.
Accounting systems have two functions:
(1) Managing and controlling financial transactions to meet legal and
ownership requirements; and
(2) Aiding management to make better decisions about actions that
will deliver future financial benefits.
This is the job of the CFO and that person
will report to the CEO’s boss – the Board!
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Understanding how financial analysis works:
Demythologizing the top tier of financial operating reports:
• Executives manage “bottom-line” profitability by cutting costs.
• Executives manage “top-line” growth by increasing sales.
• Managing organization finances requires learning this language
and its accompanying logical system for reporting.
• Organizational efficiency (e.g., cost control) is modeled using a
cash flow of its income and expenses.
• It is essential to learn how changes in these flows will influence
the an organization’s profitability.
• An example of these changes will help.
How to interpret business system
of accounts?

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Understanding how financial analysis works:
Demythologizing the top tier of financial operating reports:
Impact of a 10% sales price increase:

Sales $100 $110 10%

Cost of Good Sold 75 75
Gross Margin $ 25 $ 35

Selling, R&D, Admin 14 14

Operating Profit $ 11 $ 21 91%

A 10% Price Increase Results in a 91% Profit Increase!

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Understanding how financial analysis works:
Demythologizing the top tier of financial operating reports:
Impact of a 10% reduction in Cost of Goods Sold (COGS):

Sales $100 $100

Cost of Goods Sold 75 67.5 – 10%
Gross Margin $ 25 $32.5

Selling, R&D, Admin 14 14

Operating Profit $ 11 $18.5 + 68%

A 10% Reduction in CGS Results in a 68% Profit Increase!

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Understanding how financial analysis works:
Demythologizing the top tier of financial operating reports:
Impact of a 10% reduction in sales and general administrative
expenses (SG&A):
Sales $100 $100
Cost of Goods Sold 75 75
Gross Margin $ 25 $ 25

Selling, R&D, Admin 14 12.6 – 10%

Operating Profit $ 11 $ 12.4 + 13%

A 10% Reduction in SG&A Results in a 13% Profit Increase!

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Understanding how financial analysis works:
Demythologizing the top tier of financial operating reports:
Home Run: Improving EVERYTHING by 10%:
Sales (UP) $100 $110 + 10%
Cost of Goods Sold (DOWN)
75 67.5 – 10%
Gross Margin $ 25 $ 42.5

Selling, R&D, Admin (DOWN)

14 12.6 – 10%
Operating Profit $ 11 $ 29.9 + 272%
10% improvement in each item results in a 272% profit increase!

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In the words of some executives:
“I often find that at times that our accounting methods either
work against our improvement activities or mislead our focus.”

“It is only a 1% problem, so we can ignore it as it will cost more

to correct that in the process than we pay in warranty costs.”

“We don’t have to worry about the bad parts coming from our
suppliers, we can just charge them back for this as a restitution
for a poor contract performance.”

“It doesn’t matter if we are either a little above or behind cost

estimates – it all averages out in the end.”

Really? Are you serious?

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Financial implications of executive decisions:
Traditional Decision Criteria: Act quickly; show fast financial returns and
benefits, and easy for management to rapidly implement.

Quarterly financial reports drive all decisions

to the near term for ease of implementation.
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Scientific perspective to studying quality:

“Do not seek to follow in the footsteps of the

old masters, seek instead what these masters
sought.”
~ Matsu Basho (1644-1694)

So, what were the masters seeking? Delivery of

productivity that would provide the maximum
in economic benefit.

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Understanding the Financial Components of Quality

Part 2:

The Financial Treatment of Quality

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Connecting quality to the economy:
How does quality relate to economics, accounting and finance?
Macroeconomics Microeconomics

Provide Distribute Increase Reduce

for Needs Wealth Sales Costs

Tax and Monetary Policy Capital Investments

Gross Domestic Product per Capita Productivity & Profitability

Quality
of Life
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Counting for the cost of poor quality:
Rejects, Scrap and Rework

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Weaknesses in standard cost accounting:
Management cannot get clear about what it should improve!
• Standard cost accounting measures the cost of ‘doing’ and not the cost of
‘not doing’ according to Peter F. Drucker. It accounts for the correction of
failure commissions and not for the cost of failure omissions!
• Standard cost accounting does not account for ‘opportunity cost’ or the
benefits that foregone when decisions are made to pursue one specific
commitment of resources, rather than another. Opportunity cost is benefit
that could have been derived if a resource decision was made differently.
• Standard cost accounting assigns costs to specific cost centers; however,
when costs are easily assignable or it is not possible to link bookkeeping
records to the fixed cost structure, then costs are assigned using ad hoc
informal rules to balance the books – this process is allocation.
• These conditions distort management’s picture about possible decisions it
can make to improve the financial performance of the organization.
Business analysts must investigate to find all
of the opportunities for improvement.
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Easy to count what you see …
… but it is difficult to count what you don’t!
“Not everything that is counted counts, and not everything that
counts is counted.” ~ Albert Einstein
Maintenance and service Warranty claims
Rejects and Scrap Materials Obsolescence
Rework and sorting Additional labor hours
Opportunity cost if sales Quality engineering and
greater than plant capacity administration
Improvement program costs Expediting
Lost customer loyalty Longer cycle times
Process control Excess inventory
Quality audits Supplier control Standard cost
Cost to supply chain Cost to customer are the ‘tip’ of
Inspection/test (materials, equipment, labor) the iceberg!
Averages and summary data distort what the
management can understand is really wrong.
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What are quality costs?
These calculations suffer from basic bookkeeping problems!
All direct and indirect costs related to poor quality are not captured by
standard cost accounting methods and often are allocated to areas or
processes which do not create the failure conditions that drive the cost.

Failure Costs: Strategy is minimizing!

• Cost that is directly associated with problems (things gone wrong or
hassles to customers, e.g., defects, delinquencies, delays, etc.) whether
or not they are incurred internally or externally by customers or society.
• Examples include: Failure recovery, corrective action, warranty returns,
after sales service (unscheduled service), engineering change-order
(redesign, tooling, obsolescence, and change-over expenses), public
relations for brand recovery), help desk, and reject, scrap, and rework.
Visible failure costs are easy to detect, but it
is difficult to understand a full causal chain.
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Include the costs of planned quality actions:
Appraisal Costs: Strategy is minimizing!
• Costs incurred to determine conformance to quality requirements
• Examples include: Receiving inspection and test, production or on-
line compliance tests, off-line inspection laboratory, prototype costs,
experimental expense (e.g., either simulation or statistically Designed
Experiment), cost of status monitoring and reporting cost, customer
survey cost, and management reviews of both business stewardship
and exception conditions.
Prevention Costs: Strategy is controlling!
• Costs incurred to reduce appraisal and failure costs and assure robust
performance capability.
• Examples include: Product initial qualification, design reviews,
supplier evaluations and audits, operator training, quality audits,
preventive maintenance, ISO9000 implementation costs, quality
improvement project costs.
Only prevention costs are worthy for annual
investments!
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Understanding the internal quality losses:
100% Effective Ideal
(Cp) Account for all performance losses!
Process Waste

Breakdowns
Total Generates

Slowdowns/stoppages
Losses Business Loss

Defects/Rework

Set-ups
Current Level Average

Start-ups
(Cpk)

Standard Cost
Cycle times
No Capability
to Perform Fix processes so they don’t waste time!

“The most dangerous kind of waste is the waste

that you do not recognize.” ~ Shigeo Shingo
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Also consider contribution of external cost!
Evaluate financial dynamics and loss from a systems perspective:

Total Loss to Society of Quality Cost

• Waste must be eliminated from both internal and
external costs.
Customer
• These wastes include losses produced by design of Economics
inefficient production systems; excessive levels of
inventory at all stages of value (raw, work-in-
progress, and finished goods); production cycle
time beyond necessary time; as well as inefficient Internal
Economics
distribution systems.
• Challenges to improve performance must be part Supplier
of all supply chain management improvement Economics
projects and built into contractual obligations for
value engineering of these activities. The value contribution
needs to be evaluated
Jeffrey H. Deyer (2000), Collaborative Advantage: Winning through Extended
Enterprise Supplier Networks (London: Oxford University Press). from a point of view of
the full value chain.
Often the external costs associated with poor
quality are greater than the internal costs!
35
Quality cost catches management attention!
What is the best reason to do a one-time survey of quality cost?

It can be a real eye-opener!

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Financial Decisions About Quality:
Under-quality vs. Over-quality

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Is there a trade-off between cost and quality?
Have you ever seen this mental model of a proposed trade-off?

Defect Rate Cost of Control

“Under-Quality “Over-Quality
cheats your cheats your
customers!” Point of Diminishing shareholders!”
Economic Returns

Failures Cost

The conclusion from this model is that you can have “too much”
quality for the cost that has been invested!
Where did this model come from and does it
really show the trade-off is legitimate?
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How this model actually operates …
How were these “functions” calculated?
The model originated in the mid-1950’s when quality control
occurred through inspection. Elimination of defects occurs by
the relative efficiency of inspectors to find and sort out defective
types of products from those that had acceptable quality.
• Defect Rate: The rate of defect reduction that is achieved by
the act of adding additional inspectors to check the same flow
of outgoing products for defects and reduce them by sorting.
• Cost of Control: The additional budget that must be added in
order to pay for the salaries and expenses of inspectors that
are added to reduce the outgoing flow of defective products.
However, this is a very expensive solution and does not result in
a permanent change to the quality performance of a process!
Do you think that you can still achieve a high
level by adding inspectors? This is not viable!
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Interpreting the “under-quality” conditions:
Under-quality occurs if investments in products or services do
not deliver the specified or expected level of quality as desired
by customers.
• It is a natural state of performance.
• Loss occurs when defects or waste
produce no value or if efficiency is
lost in productive time.
• Under-quality also occurs if desired
features do not deliver a level of
its performance that is needed. Customers loose!
Standard costs includes COPQ in its budget base. Thus, management plans to continue
the loss as it is embedded in standard cost assumptions. This makes management blind
to these “failure contribution to cost.” The financial penalty is not just loss in cost from
waste it is also a psychological penalty to workers in terms of demotivation and the loss
of employee pride in their work.
Under-quality is a constant battle that will be
fought to obtain “operational excellence!”
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Interpreting the “over-quality” conditions:
Over-quality occurs if investments are made to deliver quality
that customers do not want or in delivering products or services
they will not buy!
• This quality state occurs if there is poor
understanding of customer needs.
• One type of loss occurs if an undesired
feature is included in a product.
• Another occurs if more is invested in a
production system that is required (e.g.,
buying unneeded robots or unnecessary Shareholders loose!
automation).
The rule is don’t pay more than is required and do not invest more than necessary. The
degree of quality achieved is defined by choices made by management. If leadership
understands and directs policy appropriately, then good results are more likely.

Over-quality should be addressed in design of

production processes and deliverable goods and
services. It is gained by “Design Excellence!”
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Understanding this dynamic properly:
What is actually adding cost if you improve work processes?

Other
Financial Quality Losses

Output
Lost
Failure Waste
• Step 1 is to get the design right, according to the market strategy.
• Step 2 is to design and develop a cost-effective system of production.
• Step 3 is to operate the end-to-end productive system with efficiency.
Accounting for transaction costs by using a form
of activity-based costing is the best way to see
where costs are incurred and to eliminate those
that are not necessary. 42
What happens when you change the scale?
A rough estimate using heuristic observation from over 25 years:
Defect level Poor quality casts a
5 to 7% of
long cost shadow!
output will
result in …

Poor quality cost of

20 to 40% of Cost of
Goods Sold (COGS)
This perspective will
change when defects
are converted into a
financial loss!

The true cost of

quality is not
known and may
be unknowable!
Level of Cost of
Internal Defects Goods Sold
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Taguchi Loss Function: Quality loss to society!
A “goal post” concept of quality requirements is no longer valid.
• There is no magical number that
specified results achieved beyond
this point are good and if they do
not, then they are bad.

• Shewhart specified quality is within a

band of acceptable statistical control,
not achieving an “acceptable” quality
level. Taguchi identified three rules
to evaluate quality losses:
• Maximize: “bigger is better.”
• Minimize: “smaller is better.”
• Nominal Control: “nominal is best.”

Quality should be designed so it minimizes the

loss to society after production occurs.
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Applying Financial Considerations
to quality issues in
New Product Development

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Designing products and parts to cost targets:
Approach applied within R&D in the Toyota Design System:
Target Costing: Cost Time Price Functionality

Perception of Value Quantity Quality

Customer
Price Design
Loyalty
Tolerance
Competitive
Offerings Target
Selling Allowable
New Markets
Price Cost
Strategic
Objectives
Target Component-level
Market Share
Profit Target Costing
Product Margin
Planned Line Internal Supplier
Operating Margin Costs Costs
Margin
Target Selling Price – Target Profit Margin = Allowable Cost
46
BET: Planning for “Breakeven Time”
Methodology developed by Hewlett-Packard in the late 1980s:

Effect of Market
Forecast Error
and Variability in
Potential Sales

Breakeven Time
Discounted Cash Flow

Product Initiation Date

Net Profit
(Positive Revenue) Time

Payback Date

Product Launch Date

Time-to-Market

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Price sensitivity study:
Understanding the viable domain for product pricing:

Pricing Tolerance Analysis:

Market Pricing Tolerance -- Upper Limit

Sweet Price-Performance
Trade-off
Spot Tolerance Zone
Production Cost Impact - Lower Limit

Customer Technical
Functional Design
Performance Capability
-- Lower Limit -- Upper Limit

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Understanding the Financial Components of Quality

Take-away Lessons Learned

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Critical take-away observations:
Final lesson: manage costs at the source as they are incurred as
lags, leaks, or friction that create the waste which lead to loss in
work processes. Take care as you transfer from the operational
scale of measurement to a financial scale: it is not honest, open,
and transparent!
Summary statement
This webinar addressed the following learning objectives:
• Understand how costs have been treated historically.
• Learn how quality costs are treated in decision-making.
• Discover distinctions in “over-quality” and “under-quality”

50
 Thank you

Gregory H. Watson, PhD.

[email protected]

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Future QMD Webinars – 6:00 PM ET
(unless noted otherwise)
Managing for Quality Webinar Series by Dr Gregory H. Watson:

No. 9: "Strategic Reflections on Kano’s Attractive Quality" September 15, 2020

No. 10: "Insights into the Essence of Operational Excellence" September 29, 2020
No. 11: "Defining Quality to Apply to Everyone, Everywhere" October 14, 2020
No. 12: "Managing for Quality Amidst Digital Turbulence" November 17, 2020
Other Webinars in 2020:
“QMD Part 2- How to use MyASQ for sharing vital knowledge” by Doug Wood 8/27/2020 2 pm ET
“Managing Quality 4.0 combining ISO 25010 Criteria and ITIL practices” by Dan Zrymiak 9/14/2020 5 pm ET
“QMD Part 3- How to find QMD Content“ by Susan Gorveatte 10/5/2020 3 pm ET
“Write Persuasively So Readers Understand Your Message” by Leslie O'Flahavan 10/8/2020
“QMD Part 4- How to create content in support of quality management professionals” by Dawn Ringrose
10/29/2020 2 pm ET
“Strategic Planning and Hoshin Kanri” by Jd Marhevko and Eric Zinc 11/5/2020

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