Finding the Balance between Cost and Quality

Before we look closer into the subject, first we must look at exactly what is meant by quality and cost.
Quality is the totality of the attributes of a good or service that meet the requirements of the buyer or customers. The materials which make up the product, the design and the engineering of the product, product performance, reliability and durability are all important characteristics of the "quality package", which ultimately influence customers to buy a product and repeat-purchase It. (Pass 1995)
Cost is the expenditure upon resources incurred by a firm in producing and selling its output, Each cost is a charge against revenues and profits for the use or consumption of resources during a trading period.
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