This paper explains that the four cornerstones of Total
Quality Management (TQM), which is the most logical way to survive in today's hectic and highly competitive business environment, are work force empowerment through
teamwork, process improvement,
customer obsession and strategic
planning. The author points out that "customer obsession" means greater attention to a
zero-defects standard of quality, which implies customer satisfaction. The author relates that one aspect of TQM is Economic Value Added or
EVA, which enables managers and performers to evaluate an operation's profitability by subtracting the cost of capital from net operating profit.