ENTREPRENEURSHIP

Detailed explanation-1: -Cost of quality is a method for calculating the costs companies incur ensuring that products meet quality standards, as well as the costs of producing goods that fail to meet quality standards.

Detailed explanation-2: -Total Cost of Quality is the aggregate cost of poor quality or product failures-including scrap, rework, and warranty costs-as well as expenses incurred to prevent or resolve quality problems(including the cost of inspection).

Detailed explanation-3: -Explanation: Costs associated with improving the quality or cost of conformance is called the cost of good quality. It is a component of the cost of quality.

Detailed explanation-4: -The main types of cost of quality include Cost of Conformance and Cost of Non-Conformance. While the Cost of Conformance comprises prevention and appraisal costs, non-conformance costs include internal and external failure costs.