Dangling Activities Dangles are loosely-tied activities in the project schedules which means that they don’t have defined start or end dates. Project Schedule with Dangle or Dangling activities is not a close diagram and have open loops which make it’s logic incomplete. This happens because of missing clear, legitimate and logical relationships within activities of […]
Control Quality, Validate Scope and Quality Assurance are three terminologies which keep bugging every new PMP Aspirant. In the following article, I tried to make the two terms clear and then you might want to read the other one to be crystal clear with these terminologies. Control Quality Control Quality is the process of supervising […]
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 Assurance (QA) is the procedure […]
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 subtracting the primary end of […]
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 a specific period of time […]
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 have been purposely accepted. PMBOK […]
Taken together, risk attitude, risk appetite, risk tolerance, and risk threshold influence the decisions made by individuals and organizations regarding how much risk to take on and how to manage it. Risk Tolerance According to PMBOK Guide 6th Edition, Risk tolerance is the identified range of acceptable outcomes Risk tolerance informs you regarding the sensitivity […]
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. Mitigating risk doesn’t reduce the […]
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 the picture, your reserves are […]