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Control Quality, Validate Scope and Quality Assurance often confuse many new PMP aspirants. These terms look similar, but each one has a different role in project success. In this guide, I explain the two main terms in a simple way so you understand them fast, and you can explore the
The following write up explains the difference between the Quality Assurance and the control Quality. Quality is the degree to which a set of inherent (existing) characteristics fulfils requirements. ISO 9000 Quality Assurance A set of activities that ensure quality in the processes by which end products are developed. Quality
Free Float The amount of duration in which the scheduled activity can be deferred without postponing the subsequent scheduled activities. In project management, free float refers to the duration that spans from the finishing point of a scheduled activity while extending to the upcoming planned activities. It is measured by
Budget and Cost Estimates are two terminologies that even senior project managers use them interchangeably all the time. Well! one may say that these are the opposite side of the same coin. Estimate – To produce a statement of the approximate cost of (Merriam-Webster Online, http://www.m-w.com/dictionary/estimate) Budget – A plan expressed in quantitative, usually monetary, terms that covers
Residual Risk and Secondary Risk The PMBOK® Guide ver 6 defines risk as “An uncertain event or condition that, if it occurs, has a positive or negative effect upon at least one project objective.” Residual Risks The risks that might remain after the planned response of risk and those that
Understanding how risk is viewed and managed is key to every successful project or organization. Risk attitude, risk appetite, risk tolerance, and risk threshold are four essential terms that guide how much risk an individual or organization is willing to take—and how they respond when things go beyond plan. All
Mitigation plan In risk mitigation, action is taken to reduce the probability of occurrence and/or impact of a threat. PMBOK 6 is used for the risk with high probability and impact and therefore place in action to minimize the impact. Risk mitigation revolves around reducing the impact of potential risk.
Reserves is a buffer in terms of Schedule or Cost while estimating is added to the estimated schedule and cost to account for risks or uncertainties both for known and unknown risks Padding is unwelcomed practice as it adds unplanned values or reserve over the output of estimations As explained in
These are two different risk response strategies to deal with the risks on the project. The idea behind good risk response strategies is to provide the team with various options and identify the actions that could reduce or eliminate threats to project objectives. Risk management team may use an acceptance
