What does EFQM mean in MANAGEMENT
EFQM stands for European Foundation Quality Management. It is a non-profit organization established in 1988 to promote quality management in organizations across Europe. The EFQM Framework is used by organizations to assess their performance and develop action plans to improve it. The EFQM's philosophy includes honoring excellence, sharing and learning from others and striving for sustainable improvement.
EFQM meaning in Management in Business
EFQM mostly used in an acronym Management in Category Business that means European Foundation Quality Management
Shorthand: EFQM,
Full Form: European Foundation Quality Management
For more information of "European Foundation Quality Management", see the section below.
» Business » Management
What Is the EFQM?
The European Foundation for Quality Management (EFQM) is an international not-for-profit organization based in Brussels, Belgium that provides frameworks, tools, models, resources and support to organizations seeking to measure and improve their performance. It was founded in 1988 as an industry initiative targeting excellence in Europe’s business community. The EFQM vision is “to lead a sustainable journey towards excellence through people, trust and respect''.
Core Values
Core values of EFQM include customer centricity, knowledge transfer, collaboration, innovation and environmental sustainability. These components have been integrated into the framework over time as part of its evolution. Organizations use this model to self-assess themselves across nine areas of interest known as the Enablers – leadership; people satisfaction; policy & strategy; partnerships & resources; processes; customer results; people results; society results; financial results – and four critical success factors – people management; continuous improvement & learning; process management and customer satisfaction management.
Components of the EFQM Framework
The EFQM Quality Model consists of nine Enablers which are considered essential elements necessary for achieving organizational excellence. These enablers are broken down into four sections that drive results: Leadership, People Satisfaction, Policy & Strategy Partnerships & Resources, Processes, Customer Results, People Results, Society Results, Financial Results. Each enabler contains criteria which must be met in order for an organization to achieve excellence within each area. For example among the criteria Leadership category includes such items as "visionary leadership", "stakeholder engagement" etc.
Benefits
Using the EFQM Excellence Model offers numerous benefits including improved employee morale and enhanced customer loyalty resulting from better service delivery or product quality standards compared to competitors’ offerings. The process can also provide direction on how best to allocate resources based on what customers value most and help map out strategic initiatives that will drive growth in market share or competitive advantage over rivals whose performance may be lagging behind industry best practice standards.. Additionally it enables companies to identify hidden opportunities for improvement so they can capitalize on these before competitors have even noticed them existing resulting in increased chances of success when implementing new products or services ahead of rivals with consequent advantages such as higher profit margins due investments being made earlier than anticipated return on these investments starts coming back sooner than expected too!Finally Using this model encourages continuous improvement by rewarding successful efforts while providing useful feedback to those teams who fall short giving them direction on where further effort needs focusing enabling internal teams work collaboratively together!
Essential Questions and Answers on European Foundation Quality Management in "BUSINESS»MANAGEMENT"
What is the European Foundation Quality Management?
The European Foundation Quality Management (EFQM) is a non-profit organisation dedicated to helping companies improve their performance and reduce waste. It's based on principles such as customer focus, innovation, knowledge management and continuous improvement. EFQM promotes these principles through training and consulting, as well as providing access to benchmarking tools and best practices.
What does EFQM do?
EFQM provides companies with tools that assist in identifying strengths and weaknesses in their operations. These tools are based on criteria such as leadership, people management, customer focus, innovation, knowledge management and results. The aim of EFQM is to help companies become more competitive by improving operational efficiency and reducing waste.
Does EFQM offer certification?
Yes, the EFQM Excellence Award certification programme aims to recognise outstanding organisations for achieving excellence in their business operations. Companies must first meet certain criteria including achieving significant value chain improvements and demonstrating long-term commitment to the continuous improvement process endorsed by the EFQM.
Is there a fee associated with becoming certified by EFQM?
Yes. There is an annual fee associated with gaining the award which covers revalidation each year as well as discounts on courses from the EFQM Training Centre. This fee also goes towards supporting the work of the Foundation's initiatives which serve to promote quality management across Europe.
How do I find out if my company can be certified by EFQM?
To be eligible for certification by the EFQM Excellence Award programme your company will need to demonstrate its commitment to achieving excellence though an appropriate business strategy along with good practice implementation of quality management systems aligned with the 8 core criteria outlined by the Foundation. To find out more information you can contact your local Quality Manager or visit www.efqm.org
What are the 8 core criteria outlined by EFQM?
The eight core criteria outlined by EFQM are Leadership, Policy & Strategy; People; Partnerships & Resources; Processes; Customers; People Results; Society Results and Key Performance Results.
EFQM also stands for: |
|
| All stands for EFQM |