Vol. 6, Issue 4, Part B (2020)

Abstract
The market scenario and product life cycle has been changing from year to year. Few decades ago, the variety of products available in the market for the customers is very low. Now, the situation has become reverse where multiple options are available for the customer for a single product. At this instant it becomes very difficult for the customer to choose and buy a product. However, any customer will think of a product with high quality and low cost. With this baseline; industries materialize efforts to manufacture a product of good quality with reasonable cost. With the evolution of concept of CoQ, industries able to measure the costs expended to produce a quality product. In this paper, initially a critical review on CoQ has made to notify the areas and contributions worldwide. Manufacturing sector has found to be the most applicable sector of CoQ concept. The latest developments in the manufacturing sector making the industries to compete with the present global situations. Fourth industrial revolution i.e, industry 4.0 is the current trend of industries where machine to machine interaction is possible with low man power. At this situation, quality is also an important factor to be considered. The objective of this paper is to cover the concept of CoQ, its evolution, background and models through a bibliometric analysis. This paper also aims to coin a new concept Industry of Quality (IoQ) in relation with Industry 4.0 and cost of quality.