Perspectives: In Crisis, Give Credit to Quality

Summary: …

Keywords: statistics,financial crisis

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It appears the high finance boys are not the smartest people in the room. On the contrary they are either the dumbest or the blindest or some fuzzy logic combination of both.
--Hameem Habeeb , 12-29-2008

Excellent and thought-provoking. I had never thought of the financial industry in the same light as manufacturing, but quality standards, reporting, and assessment tools seem like a great fit. An earlier comment suggested that companies only do what they're forced to do; although demanding that a quality system be put in place is not necessarily a bad thing, I'd like to suggest that one of the most effective forcing functions within any industry is success.

Quality systems provide a framework that ensures companies can provide predictable outputs. This is in their best interests as well as their customers, and ultimately rewards the best practitioners. All it will take is one or two financial firms to figure out how to use this to their advantage and the rest will follow suit.
--Mark Porter, 12-09-2008

Excellent article. There is no reason the financial sector should be without quality standards, and especially after this bailout. It is obvious to the most casual observer that this problem was rampant and will in fact occur again without fail. The question is when? The roadblock to that would be a good quality plan in place. These guys don't care and, like most businesses, don't want to care. They only do what they are "forced" to do. Now is the time. But our glorious political sectors are also in opposition to anything but status quo. That is the root cause. The public should DEMAND a quality system be put in place, but unfortunately not enough people know what that really is. The politicians know this and are using that to just drop the cash and keep going so their bank accounts, stocks and bonds that have been "primed" by the "offenders" can prosper while we the "taxpayers" pay the freight.
--Mike Korkowski, 12-09-2008

It was motivating to see a timely and relevant article on a current global problem on how a subset of the quality technology could/must be applied to help improve the financial industry.

The financial crisis was a man-made problem and yes indeed, it could have and should have been prevented. The system was corrupted by greed, self-interest and ignorance.
--Tim Clark, 12-05-2008