Think by yourself

Tesla Financial Management Student’s name Department: University Course: Course code Instructor’s name Date Introduction: In this report, we undertake a detailed performance review of Tesla to uncover the present challenges and devise a plan for its resolution. We will apply the Total Quality Management and Balanced Scorecard technique; instead of focusing on what this business does, we will try to determine its quality management practices and how it assesses its performance. By overviewing an issue comprehensively, we seek to proffer viable options to resolve the topical challenge (Russell & Taylor, 2019). Additionally, this report will finish with a key recommendation to help Tesla further its competitive strategy and countrywide growth (Sharma, 2016). This report sheds light on Tesla in multiple ways, starting from a general overview and based on strategic tools that can help suggest further development for the company's longer existence. Total Quality Management: It is argued that Total Quality Management (TQM) is a management brand that stresses ongoing quality improvement at all company levels and with employee participation that includes the entire staff (Camilleri, 2021). It is a way for companies to achieve their quality mindset across the business, and their clients' satisfaction is their goal. Tesla moved on to import TQM implementation into automobile practice. Continuous improvement, management participation, and customer orientation are some of the distributed efforts by the company on TQM (Tesla, 2022). Tesla's performance is based on continuous innovation vs. static procedures, and employees are taught how to exceed standard performance and introduce new methods for product improvement and increased customer satisfaction. The leadership teams of Tesla have really to do with quality management (Mongkol, 2021). They set out quality goals and provide the necessary resources to develop them. Undoubtedly, Tesla has risen from the view of the automotive industry's clients to the top because of its consumer-focused approach (Ozturk & Coskun, 2014). The organization has put the very foundation of its activity on the quality of its goods and services that are as good as excellent from the customers' point of view. Tesla cars, in turn, have managed to get the members of one customer base due to their excellent performance, safe use characteristics, and innovations. Even though Tesla has used some of the best practices relating to TQM, the company has faced some challenges concerning TQM (AlKharbush et al., 2023). One challenge is the firm's supply chain management based on arrears, tangible issues, and production defects (Tesla, 2022). This led to product quality problems requiring a recall to ensure customer satisfaction (Dyer et al., 2023). In order to find the solution to the issue, Tesla can be supported by introducing the Cost of Quality report. This report illustrates the necessity of internal checkpoints through which companies can assess both the quantifiable and unquantifiable consequences of subpar-quality goods or services (Sull & Reavis, 2019, p. 12). It can assist in driving out shortcomings in the TQM approach of the organization to the fullest and also optimize resource distribution. By adopting a quality cost report, Tesla can use the information to determine the reasons for quality issues, helping them improve their TQM practices. Cost of Quality Report A report on the costs of quality is a tool that organizations apply to analyze and measure costs to satisfy identified quality standards (Angwin & Cummings, 2017). It offers a complete breakdown of what gets spent towards quality and the costs involved, including prevention, appraisal, internal failure, and external failure costs (Agarwal, 2021). Price analysis of Tesla's quality issues could be a step toward prevention costs analysis. Preventive expenses are spending on initiatives or procedures to prevent critical quality deviations from occurring (Agarwal, 2021). The costs as a result of these can be incurred from what may be done activities such as employee training, quality planning, process improvement initiatives, and supplier quality management (AlKharbush et al., 2023). Analyzing the categories of prevention costs concerning the quality problem of Tesla brings to the surface the specific areas that need attention to correct the Tesla quality issue (Koch, 2015). For example, if the manufacturing quality issues result from design flaws, this could suggest an increase in design evaluation procedures or more collaboration with suppliers during design prototyping (Binkiewicz et al.,2008). Lastly, we must address the relationship between the prevention costs category's role and another performance issues improvement category, which occurs for the elevated level of Tesla. Examples of personnel expenses may cover the appraisal costs category (evaluation costs of products and services quality) by involving people to see whether they match the necessary standards (Dadić et al., 2018). Through the combination of prevention and assessment services, it would be easier to acquire information about a potential quality failure in advance and, therefore, avoid considerable costs that would have to be spent on fixing failures or recalls (Camilleri, 2021). Evaluating the preventive expenditures and their affiliation with another cost of quality is a practical approach that gives Tesla an in-depth view of what should be enhanced. This analysis is done so the company can take a balanced approach to resource utilization and identify quality improvement initiatives, which will finally help it achieve superior overall results and customer satisfaction (Cordova & Coronado, 2021). The installation and apparition of the COQR system at Tesla may encounter some obstacles. 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