I would say both and more, I should see the quality in project management more as a process than as an outcome or as a metric only, but often that's not so plain and easy.
Surely quality can be measured, but it's also a delicate balance between the final stakeholder's perception and the best PM procedures, in a sense, it requires some experience (and some long-term vision too) to weight how much and how to being flexible is proficient or efficient against the mere quality management procedures.
Quality is beyond the life cycle of a project. Quality MUST look at the product life cycle i.e. the time when you want to deal with the operation, whether you have encountered an issue or want to make an improvement. Satisfaction is brought by a well-defined scope ,a proper methodology, timely fashion interim deliverable and all aspects which help customer knows he/she needs