CHAPTER ONE
INTRODUCTION
1.1 Background
to the Study
Total Quality
Management (TQM) has become a world-wide topic in this twenty-first century;
this is based on the fact that total quality management is an enhancement to
the traditional way of doing business. It is a proven technique to guarantee
survival in world class competition. Only by changing the actions of management
will the culture and actions of an organization be transformed. Total Quality
Management (TQM) can be described as a combination of participatory management
and team work, produce defect-free products or customer satisfaction. TQM can
also be seen as the management method (quality oriented and customer-oriented
method) which provides high of view. It is a proven technique to guarantee
survival in world class competition.
Benson and Savaph (1991) assert that TQM involves
the whole organisation, getting organized in every department, in every
activity with every single person at every level. This involves putting in
place, process and system which will ensure that every aspect of its activity
is aligned to satisfying customer needs and the organisation’s objectives
organisation to be fully effective, every single part of it must work properly
together because every person and every activity affect and in turn is affected
by others.
TQM is based on a set
of principles that seek to increase stakeholders' satisfaction through best use
of organizational resources. But the impact of each of quality management
principles on organizational effectiveness is still debated. Several studies have
investigated the impact
of applying TQM
principles on overall organizational effectiveness and performance. Many
studies have found a strong and positive relationship with performance, there
is a general agreement that a successful TQM implementation is leading to
improvement in organization effectiveness (El-Tohamy & Al-Raoush, 2015).
Total quality
management, as a management approach of an organization, is centred on quality,
based on the participation of all its members and aiming at long term success.
This is achieved through customer satisfaction and benefits to all members of
the organization and to society. In other words, TQM is a philosophy for
managing an organization in a way, which enables it to meet stakeholders’ needs
and compromising ethical values (Karani & Bichanga, 2012)
Several researchers
also reported that TQM implementation has led to improvements in quality,
productivity, and competitiveness in only 20-30% of the firms that have
implemented it (Benson, 1993). According to a survey of manufacturing firms in
Georgia, the benefits of TQM are improved quality, employee participation,
teamwork, working relationship, customer satisfaction, employee satisfaction,
productivity, communication, profitability, and market share (Dale, Zairi,
Wiele, & Williams, 2000).
Performance is used to
mean a point which is reached through plans made for a certain target. In other
words, performance is the result that is gained by an employee by fulfilling
given mission in a certain time period (Umar 2010). Organizational performance
concept is defined with its seven performance dimensions in the literature,
these are; Effectiveness; Efficiency and utilization of resources;
Productivity; Quality; Quality of work life; Innovation; and Profitability and
budget compliance (Kenger, 2001).
Total Quality Management (TQM) implies an exceeding
customer expectations. It is an approach for continuously improving the quality
of goods and services delivered through the participation of individuals at all
levels and functions of an organization.
Debt Management Office
(DMO) is one of the federal government agencies under the office of Vice
President, it was established by Debt Management (Establishment) Act 2003 with
the
sole mandate of
centrally coordinate the management being done by a myriad of establishments in an uncoordinated fashion.
Part III, Section 6 of the Act specifies
that the DMO shall: Maintain a reliable database of all loans taken or
guaranteed by the Federal or State Governments or any of their agencies;
Prepare and submit to the Federal Government a forecast of loan service
obligations for each financial year; Prepare and implement a plan for the effict
domestic debt obligations at sustainable levels compatible with desired
economic activities for growth and development and participate in negotiations
aimed at realizing these objectives; Verify and service external debts
guaranteed or directly taken by the Federal Government; On an agency basis,
service external debts taken by State Governments and any of their agencies,
where such debts are guaranteed by the Federal Government; Set guidelines for
managing Federal Government financial risks and currency exposure with respect
to all loans; Advise the Federal Government on the re-structuring and
re-financing of all debt obligations; Advise the Minister on the terms and
conditions on which monies, whether in the currency of Nigeria or in any other
currency, are to be borrowed; Submit to the Federal Government for
consideration in the annual budget, a forecast of borrowing capacity in local
and foreign currencies; Prepare a schedule of any other Federal Government
obligations such as trade debts and other contingent liabilities, both explicit
and implicit and provide advice on policies and procedures
for their management; Establish and maintain relationships with international
and local financial institutions, creditors and institutional investors in
Government debts; Collect, collate and disseminate information, data and
forecasts on debt management with the approval of the Board; Carry out such
other functions which may be delegated to it by the Minister or by Act of the
National Assembly; and Perform such other functions which in the opinion of the
Office are required for the effective implementation of its functions under the
Act.
The DMO Act also
provides that the Office shall: Administer the debt conversion programme of the
Federal Government; Perform the functions of the Minister with regard to the
development fund rules; and, Supervise the operation of the development fund
under the Finance (Control and Management) Act, 1958 (as amended); Issue and
manage Federal Government loans publicly issued in Nigeria upon such terms and
conditions as may be agreed between the Federal Government and the Office;
Issue, from time to time, guidelines for the smooth operation of the debt
conversion programmes of the Federal Government; and, Do such other things,
which in the opinion of the Board relate to the management of the external
debts of the Federal Government.
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