Quality initiatives can predict any development. Therefore, it needs to be measured from the leaders' perspective. Scale of measurement can be categorical or interval.
Yes. I think they can be measured in terms of:
a) Student satisfaction,
b) Faculty satisfaction,
c) Impact on society,
d) Knowledge generated
e) Technology transfers.
Quality initiatives can be measured and should be measured for continuous improvement.
Surely quality iniatives taken by university as some university have iso brand that qualify them as an organization that certified for quality of education.
In my country every university suppose to have internal quality audit section that will create and assess quality of education start from teaching,research,community service,supporting service,documentation,supporting services and etc.
Of course, quality initiatives in all teaching institutions can be meaured through their outcomes.
Those elements suggested by S G Deshmukh are the most common and basic criteria of HE performance. Even though they seems to be subjective, there are ways to quantify them so the effects of quality initiatives can me measured and monitored. For example: scale of students' satisfaction (using SERVQUAL); faculty satisfaction using the QWL elements, no of community interactions; no of new innovative ideas and product output; and no of industry participation to measure technology transfer...and some other measurable tools.
My straight answer to this question is yes it is possible to measure a quality initiative at a university level. I used to have a quality improvement initiative for my PhD study and have made an outcome and process measures. Here you have the reference for the pilot intervention study I had.
Tadesse, T., & Gillies, R. (2015). Nurturing Cooperative Learning Pedagogies in Higher Education Classrooms: Evidence of Instructional Reform and Potential Challenges. Current Issues in Education, 18(2), 1-18.
Hope this helps,