In the present competitive scenario, Cost & Quality goes hand in hand for sustainable profitable growth in the business. Understanding the concept of Cost of Quality is important at all levels & functions to focus on non value added activities/elements which directly impacts the profitability to the organization. Increased customer satisfaction, productivity, market share & high employee morale are added benefits. The cost of poor quality (COPQ) can be well addressed through a very popular tool like Six Sigma. The DMAIC methodology used worldwide helps in addressing such issues. Hence basics of Cost of Quality & Six Sigma which are complementary to each other needs to be understood at operating/functional level.