Which statement best describes a Quality Management System (QMS)?

A Quality Management System (QMS) is a structured system that collectively improves the quality of products and services within an organization. The statement indicating that "all apply" captures the comprehensive nature of QMS correctly.

One important aspect of a QMS is ensuring compliance with relevant standards and regulations. This encompasses adhering to industry-specific standards, legal requirements, and internal policies, which are foundational for maintaining quality and safety in products and services.

Monitoring supplier performance is also a critical component of a QMS. Organizations rely on their suppliers for materials and components, and assessing their performance helps ensure that the inputs meet the required quality standards, which ultimately influences the quality of the final products.

Lastly, while a QMS does not focus solely on financial performance, it indirectly supports financial goals by improving efficiency and reducing wastage through better quality management. High-quality outputs can lead to lower costs associated with defects and rework, enhancing overall financial performance.

Given the functions outlined, it becomes clear that a well-implemented QMS addresses compliance, supplier monitoring, and can have positive implications for financial performance, making the assertion that "all apply" the most accurate representation.