Full Project – Project – The role of total quality management on the profitability of First Bank of Nigeria Plc

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CHAPTER ONE

                                              INTRODUCTION

1.1    BACKGROUND OF THE STUDY

Total Quality Management (TQM) is considered as a main tool that leads to the strategy of developing work and improving performance in order to achieve profitability through good services and quality products. It can be defined as the continuous improvement of administrative and productive processes through reviewing and analyzing the results achieved, and searching for other means and methods to raise the level of performance and try to reduce the time and effort for the completion of production processes by eliminating all unnecessary functions for consumers and for the productive process to reach the required level of total quality. Total quality management theory has become more familiar since the 1980s where the banking industry offers services of varying qualities. When an entity is structure with a culture of offering quality goods or services to its customers which satisfy their desired standards, then such an entity is observing Total Quality. The practice demands quality in all dimensions of the company’s undertakings with things done as desired from the onset and any wastage and spoilages being kept to the very minimum during routine business (Stock and Mulki, 2009).Banking institutions have managed to sustain their profitability and also improved their results regardless of stiff competition for a piece of the market. TQM have been introduced into the market as a result of raising competition. The FBNmanaged to remain very stable, the deposits and assets of shareholders increased by 35.35% and 32.9% respectively (Central Bank of Nigeria 2010). There are a number of management styles applied in organizations in order to achieve goals, set objectives and targets of their business. For almost all organizations, rapid developments in the business environment such as globalization have made them to adopt a spirit of completion and innovation so as to be able to meet the equally changing customer needs and expectations. In order to compete effectively, it has become essential for businesses to constantly improve on the quality of their products and services by marketing, product differentiation and cost reduction (Chang and Huang, 2005).

1.2      THE STATEMENT OF THE PROBLEM

Banking services values expected are: accessibility, accuracy, flexibility, and the ease of performing while Bank staff values expected is: professionality, qualification, kindness, and speed of service and Image value expected are: reliability, bank reputation, and bank participation in social Initiatives. The role of Time Quality management is attaining this value in line with increase profit. The objective of bank fund channeling is to earn profit. In order to reach maximum number of customers, banks develop a network of branches. Branches are the points where banks offer their products. Despite the measures put in place to ensure implementation of total quality management, some financial firms have faced various challenges making it difficult for them to reap the benefits of total quality management. Alleged operational failures have hampered total quality management from achieving introduction   of efficient production processes, creation of new products, sales increase and hence extension of markets studies regarding especially in education and financial sectors.

1.3      THE OBJECTIVES OF RESEARCH

1. To identify the impact of the Total Quality Management concept on the entire operations of First Bank of Nigeria Plc .
2. To identify the relationship between TQM and the profitability of First Bank of Nigeria Plc .

• To establish hurdles encountered by the bank in implementing total quality management.

1.4.     RESEARCH QUESTIONS

1. What is the level of TQM in FBN?
2. What is the level of Effect of TQM on Profitability in FBN?

• What are the merits of implementation of TQM and customer satisfaction?

1. What is the contribution of employees towards the implementation of TQM?
2. Does TQM improve the scale of quality delivery?
3. Is there a significant relationship between the application of TQM in First Bank of Nigeria Plc and increased profit?

1.5.    RESEARCH HYPOTHESES

The following hypotheses shall be tested in the course of the investigations:-

Ho: There is no significant relationship between the application of TQM in First Bank of Nigeria Plc  and increased profit.

Hi: There is no significant relationship between the application of TQM in First Bank of Nigeria Plc  and increased profit.

1.6      SIGNIFICANCE OF THE STUDY

The results of the study will be so relevant to First Bank of Nigeria Plc , Katsina since it will provide clarity on the usefulness of implementing quality management practices in financial institution firms to realize better financial results in enterprises. Financial institutions in Katsina and other policy makers will also become beneficiaries of this study as the outcome of the research will lead to the policy formulation which ensures that financial firms conforms to the provision of quality practices, quality services and improvement of the organization’s financial performances.

Theoretically the findings of this research will elaborate more on a number of Quality Management practices that firms have taken up. The study will also open up room for reference and further research in future.

1.7      SCOPE OF THE STUDY

This study is to cover the role of total quality management on the profitability of First Bank of Nigeria Plc .

1.8      LIMITATIONS

Information relating to quality management is always treated with sensitivity since it provides a competitive advantage. This may lead to a lot of difficulties in convincing the respondents on the importance of giving sincere answers to the asked questions evidenced through reluctance of accepting invitation to participate in the study, to counter the challenge, the researcher had to provide a compressive explanation to the respondents the reason for the research study being carried out, that it was meant specifically for academic purpose only. There is a possibility that the researcher did not fully exhaust everything in this field due to unforeseen logistical issues leaving room for other researchers to expand on this study in future.

1.9      DEFINITION OF RELATED TERMS

Quality:- can be defined as a basic tool for a natural property of any good or service that allow it to be compared with any other good or service of its kind.

Banks:- are financial intermediaries as the backbone of any economic system involves in channeling fund.

Management:- is a process of planning, decision making, organizing, leading, motivation, controlling the human resource, financial, physical and information resource of an organization.

Quality Management:- is the act of overseeing all activities and tasks needed to maintain a desired level of excellence.

Time Quality Management:- is an integrated organizational approach in delighting both external customers by meeting their expectations on a continuous basis through everyone involved with the organizational working on continuous improvement in all products, services and procedures along with proper problem solving methodology.

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