Abstract

Total quality must attend to the needs satisfaction of shareholders, customers, and the individuals within the organization. This is stakeholders management, which is tied to the stakeholders' triad or the total quality triad: quality return for shareholders; quality services and products for customers; and quality of life for the organization's people. The stakeholders approach requires measurable definitions of terms. For example, shareholders must be identified and their financial and non-financial needs determined. Financial measures include return on investment and economic value added, while non-financial factors include level of innovation and reputation of the organization. Analysis of customer needs involves such concepts as product suitability, durability, and QVALITY (quality, volume, administrative procedures, location, interrelations with organizational personnel, timing, and yield). For organizational personnel, levels of need include financial, physiological, security, and social. These can be measured by tools like surveys, grievance rate, and turnover rate. Stakeholders management thrives in an atmosphere of partnership with suppliers of materials, services, and personnel throughout the supply chain.