Certified Financial Specialist (CFS) Practice Exam

The quality management system is considered the highest ranking organization hierarchically because it encompasses an overarching framework designed to improve all aspects of quality within an organization. It integrates various processes, policies, and procedures that guide how an organization achieves and maintains quality standards.

A quality management system provides a structured approach to ensuring that products and services meet customer expectations and regulatory requirements. It includes not just quality control, which focuses on operational techniques and activities that fulfill quality requirements, but also quality assurance, which relates to the systematic activities to ensure confidence that quality requirements will be fulfilled.

Additionally, the quality improvement program is usually a part of the wider quality management system, aimed specifically at enhancing processes and reducing defects. This hierarchy illustrates that while quality control, assurance, and improvement are crucial components of maintaining quality, they are all subsumed under the more comprehensive quality management system, which directs and supports these initiatives for better organizational performance.