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Tesla's Performance Analysis Paper Student's Name Institutional Affiliation Course Code & Title Professor's Name Submission Date Table of Contents TOC \o "1-3" \h \z \u Introduction PAGEREF _Toc161213145 \h 3Total Quality Management PAGEREF _Toc161213146 \h 3Continuous Improvement PAGEREF _Toc161213147 \h 3Employee Improvement PAGEREF _Toc161213148 \h 4Cost of Quality Report PAGEREF _Toc161213149 \h 5COQR Barriers PAGEREF _Toc161213150 \h 5Balanced Scorecard PAGEREF _Toc161213151 \h 6Financial Perspective PAGEREF _Toc161213152 \h 7Customer Perspective PAGEREF _Toc161213153 \h 8Internal Processes Perspective PAGEREF _Toc161213154 \h 8Learning and Growth Perspective PAGEREF _Toc161213155 \h 9Conclusion PAGEREF _Toc161213156 \h 10References PAGEREF _Toc161213157 \h 11 Introduction This report aims to evaluate Tesla's performance. This report will aim to propose solutions to the present challenges that Tesla is facing through examination. More precisely, the Total Quality Management (TQM) and Balanced scorecard methods will be employed to identify the areas that need improvement and provide measures to strengthen Tesla's competitive advantage and market position. This report recommends implementing robust quality control systems and utilising strategic objectives to support Tesla's competitive strategy and expansion into emerging regions. Total Quality Management Total Quality Management (TQM) is an organisational approach that prioritises client satisfaction to achieve long-term success. Within the context of TQM, every employee in a firm actively participates in improving operations, goods, services, and the general work environment. TQM aims to guarantee that all individuals and entities involved in manufacturing are held accountable for the overall quality of the finished product or service. Isidore (2021) asserts that TQM focuses on the processes employed by organisations to manufacture their goods. TQM emphasises the need for organisations to clearly define these processes, consistently monitor and assess their performance, and utilise the resulting data to make enhancements. Moreover, it requires the participation of all employees and all divisions inside the firm. The implementation of TQM has had a beneficial impact. Continuous Improvement TQM highlights the importance of continuous improvement at every level of the managerial structure. This concept is based on the belief that the management process can prevent wrong assumptions (Barone, 2023). The underlying concept of this strategy is the continuous improvement of outcomes in all domains to achieve superior results. If problems continue, project managers must initiate a continuous improvement approach that suspends production until the issues can be resolved. Tesla must understand the principle of constant improvement. Subsequent models should rectify the errors found in the previous models. Furthermore, the cars must be developed in a way that allows for the improvement of both hardware and software. This approach aims to improve error correction by replacing faulty components with superior ones, simplifying the procedure. Fortunately, Tesla already understands this aspect. Employee Improvement Employee engagement reduces turnover and dissatisfaction in the workplace (Furr & Dyer, 2020). Tesla's employee engagement strategy promotes creativity, although there is room for improvement in certain areas. Some subjects addressed include job security, employee welfare, efficient communication, and training focused on career growth. The happiness of individuals in TQM relates to implementing effective business strategies to create a desirable and productive work environment for employees. TQM recognises the crucial importance of personnel in promoting business success. Employees can enhance or detract from the organisation's culture, as noted by Pambreni et al. (2019). Furr and Dyer (2020) endorse employee involvement, emphasising that individuals closest to a particular process are the most skilled at performing it. Production employees are most adept at identifying and rectifying process abnormalities. Prominent companies distinguish themselves by quantifying the Cost of Quality and leveraging this information to their benefit. The forthcoming section of this study will explore the benefits of adding a cost-of-quality report to improve Tesla's Quality Management. Cost of Quality Report A Cost of Quality report is a financial statement that outlines the expenses involved in maintaining production and output quality. The primary purpose of this report is to provide a framework and classification of quality costs, which helps management to focus their attention on improving the quality of products or services. The COQ report depicts the cost level and the relationship between different types of quality costs, which supports continuous improvement efforts. Furthermore, the COQ report can be used as a benchmark for performance monitoring, enabling organisations to track their progress and identify areas for further improvement. Musk has had an essential role in driving the company to its current position in the automotive market (Stumpf, 2023). Tesla is committed to removing gasoline-powered vehicles from the market despite the company declaring that its long-term goal is to produce diverse vehicles (Abbas, 2023). Preventative costs related to personnel training and equipment maintenance related to Tesla's quality difficulties with manufacturing errors should be investigated (Agnihotri & Bhattacharya, 2022). Recognising the relationship between these prevention costs and internal failure costs, such as product defects and rework, is critical for Tesla's performance concerns and improving overall quality management (Gardiner & Reefke, 2019). By investing in training and maintenance early on, Tesla can address possible concerns, reduce the likelihood of faults, and ultimately improve customer happiness while improving production operations. COQR Barriers Some obstacles to using the COQR method at Tesla include reluctance to change and a lack of top management support. My proposed solution to these barriers is to launch a comprehensi...