Final answer:
Total Quality Management (TQM) is a philosophy of organization-wide commitment to continuous improvement, teamwork, customer satisfaction, and lowering costs.
Step-by-step explanation:
The philosophy of organization-wide commitment to continuous improvement, focusing on teamwork, customer satisfaction, and lowering costs is known as Total Quality Management (TQM). TQM is a management approach that aims to improve the quality of products and services through a systematic process of involving all employees in the organization.
TQM emphasizes the importance of teamwork and collaboration, as well as customer satisfaction. It seeks to continuously improve processes and reduce costs, while maintaining a customer-centered approach. By implementing TQM, organizations can achieve higher levels of efficiency, effectiveness, and customer loyalty.