• Subject Name : Economics

Part One: Industry Codes

Summarize 1-2 paragraphs explaining the differences between NAICS and SIC.

Answer: The SIC was established in the 1930’s where establishments were categorised on the basis of their types of activities. The sole purpose for this was to set a system of comparability of available data and statistics in the US and Canadian economies. Companies were filed under this system and their structure was more defined. Even though the SIC has not been in use for a long time it is still regarded as one of the most widely reliable system to move production-oriented logic to market-oriented logic throughout its structure.

The NAIC was established to replace the old system of SIC and this was done in co-ordination with the Canadian and Mexican statistical agencies. The NAIC has economic classification system that is the first if its kind where it uses a solitary economic concept to define business and allows for high standard of comparability in business statistics between three economies by eliminating consistent logic.

Part 2 : Quality Management

Answer: Quality management refers to the overall management and overseeing of all the activities that ensure the smooth functioning of operations that will help in the delivery of products and services. For any business it is important to practice premium quality service management to create an environment that is known for its quality. The team of quality management is responsible for quality control and implementation of quality planning and assurance. Quality problems can be a primary business risk and the promptness of every quality management team is what decided the level of mitigation of all these defects.

The Malcolm Baldrige award or the ISO 9000 awards have a definite impact on the way quality management is viewed these days as these awards provide a reference point for a how a company and organisation is supposed to operate. Companies are now held to an ideal and their quality can be quantified which gives them tangible aspirations in terms of quality enhancement. The globalisation of markets all over the world the fast pace and increasing requirements for products of higher quality are huge propellers for a company to enhance the quality of its products and services(Ginasekaran, 2018)

On recent purchase of computer software, I came across certain functions that suggested that there might be some defect. On closer inspection I noticed a clear defect in the quality management system of the product. I returned the product availed a sit was still under warrantee period. The company decided to run it through a defect visibility process and then an analysis that helped them diagnose exactly what was wrong with the given software. They focus on enhanced competitiveness and learning driven sharing of knowledge(Jacobsen 2016)

The promptness and astute sense of observation was key to this. Then they decided to start working on defect resolution. Poor quality is something that can be an unavoidable attribute of any software but the main point is understood controlled and addressed by the company. This requires a lot of back and forth and assembling of an action team. They analyse and work on the purpose of the data, accuracy and ease of update. They are responsible for assignment tracking and resolution of defects. Some of the key reason for this software defect could be lack of domain knowledge, lack of technology knowledge, unrealistic schedules or badly engineered software (Guzman , 2017)

The only way to mitigate through these malfunctioning threats to the reputation of the business is putting a system in place that is strict about project management. Planning and executing according to a time table tracking progress to identify threats and problems. Updating the software and controlling endless requirement changes then become such important part of this process in which efficient software is created so that the customer never comes to know the actual work that goes behind creation of a product or service(Dolinina 2018).

This kind of attachment to business strategy and public responsibility is instrumental in ensuring that the product or service being delivered follows the highest possible standard in terms of performance.

References for Industry Codes

Jacobsen, J. W., Kuhrmann, M., Münch, J., Diebold, P., & Felderer, M. (2016, November). On the role of software quality management in software process improvement. In International Conference on Product-Focused Software Process Improvement (pp. 327-343). Springer, Cham.

Guzmán, L., Oriol, M., Rodríguez, P., Franch, X., Jedlitschka, A., & Oivo, M. (2017, February). How can quality awareness support rapid software development?–a research preview. In International Working Conference on Requirements Engineering: Foundation for Software Quality (pp. 167-173). Springer, Cham.

Gunasekaran, A., Subramanian, N., & Ngai, W. T. E. (2019). Quality management in the 21st century enterprises: Research pathway towards Industry 4.0.

Dolinina, O. N., Kushnikov, V. A., Pechenkin, V. V., & Rezchikov, A. F. (2018, April). The way of quality management of the decision making software systems development. In Computer Science On-line Conference (pp. 90-98). Springer, Cham.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Economics Assignment Help

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