Final answer:
The management philosophy dedicated to continuous improvement of product and process quality is Total Quality Management (TQM). It is an integrated approach that encompasses all members of an organization and aims at customer satisfaction and waste reduction.
Step-by-step explanation:
The management philosophy that focuses on continuously improving the quality of a company's products and processes is known as Total Quality Management (TQM). TQM is an integrated organizational approach that seeks to improve the quality of products and services on a continuous basis. It involves the participation of all members of an organization in improving processes, products, services, and the culture they work in. The main objectives of TQM include customer satisfaction, reducing waste, and increasing efficiency.
Continuous Quality Improvement (CQI) is a similar concept that emphasizes organizational processes and is often used in the healthcare industry. Six Sigma is another method that focuses on defect reduction and process improvement through a data-driven approach and statistical analysis. Lastly, Business Process Reengineering (BPR) is a distinct approach that involves making radical changes to enterprise processes to achieve dramatic improvements.