Project Management Terminology
Practice. A specific type of professional or management activity that contributes to the execution of a process and that may employ one or more techniques and tools.
Resource Optimization Technique. A technique in which activity start and finish dates are adjusted to balance demand for resources with the available supply. See also resource leveling and resource smoothing.
Common Acronyms
RAM (english) : Responsibility Assignment Matrix
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Question to a Project Management Professional
Question | Select the best option |
In a large industrial engineering company with a steady portfolio producing transportation systems, the total cost of rework on projects last year was $400 million. Not forgetting other factors such as the impact on long-term customer satisfaction and integration of new technologies, your initial estimate of the targeted benefits from an investment in quality management would be: |
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Answer & Explanation
Right answer |
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Explanation : The primary benefit of meeting quality requirements is less rework, which means higher productivity, lower costs and increased customer satisfaction. If all rework were eliminated it would be worth $400 million. Besides this, there would be other benefits. But further analysis is required before estimating the actual benefits. See also PMBOK® Guide – Sixth Edition: Sec. 8.2.2.2. |