what is the relationship between cost and quality in it project management?
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The triangle illustrates the relationship between three primary forces in a project. Time is the available time to deliver the project, cost represents the amount of money or resources available and quality represents the fit-to-purpose that the project must achieve to be a success.
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Cost of poor quality (COPQ) or poor quality costs (PQC), are costs that would disappear if systems, processes, and products were perfect. COPQ was popularized by IBM quality expert H. James Harrington in his 1987 book Poor Quality Costs. COPQ is a refinement of the concept of quality costs.
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As defined by the PMBOK, Project Quality Management is the comprehensive plan that includes all the components of the quality planning process (PMBOK, 2009). Quality control, on the other hand, is the set of processes that measure the metrics of quality by assessing the specific project results against standards.
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Project success has been historically defined as a project that meets its objectives under budget and under schedule. ... Project management success is defined by the level of efficiency the project achieved to reach the project objectives.
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A project quality plan (PQP), sometimes referred to as a quality management plan, quality assurance plan or project quality management plan, is a project-specific quality plan that describes the activities, standards, tools and processes necessary to achieve quality in the delivery of a project.
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COPQ (cost of poor quality) is the total of all costs that would vanish if there were no failures or rejections. Or stated the other way, It is the financial losses incurred by the company due to poor quality products produced and delivered by the company. Or put simply, it is the cost of doing things wrong.
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Aligning the IT and business strategies involves more than combining them into a single document. Under this model, every aspect of the IT strategy should support the goals of the business. This means that every IT-related investment, activity, service or project must create or optimise business value.
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The Triple Constraint in Project Management: Time, Scope & Cost.
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A Cost Controller is responsible for controlling the project costs; This includes planning, developing, controlling, and forecasting the project's budget. The goal of a cost controller is to minimize the deviation from the budget and ensure that the project is completed within the approved budget.
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Project scope and quality management go hand-in-hand in today's project environment. Both are concerned with the assurance that the project includes all the work required, and only the work required, to complete the project successfully.
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Quality Risk Management is the set of leadership, business process, culture, and technology capabilities an organizations establishes to create a collaborative approach for for identifying, quantifying, and mitigating product, operational, supplier, and supply chain risks that can impact quality.
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['Focused IT Costs. Although ERP software is often a large investment, it can unify your IT costs and improve efficiency. ... ', 'Total Visibility. ... ', 'Improved Reporting and Planning. ... ', 'Flexible Modularity. ... ', 'Improved Efficiency. ... ', 'Customer Service. ... ', 'Data Security and Quality. ... ', 'Improved Collaboration and Workflows.']
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Projects are the tools for implementing the strategy of the organisation. Effective project management starts with selecting and prioritising projects that support the organisational vision, mission and strategy. The priority system focuses attention on the vision, mission and major goals of the organisation.
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['Planned Value (PV) project KPI. ... ', 'Actual Cost (AC) project KPI. ... ', 'Earned Value (EV) project KPI. ... ', 'Return on Investment (ROI) ... ', 'Cost Variance (CV) (Planned Budget vs Actual Budget) ... ', 'Cost Performance Index (CPI) ... ', 'Cost of managing processes.']
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['Control IT costs. Outsourcing converts fixed IT costs into variable costs and allows you budget effectively. ... ', 'Reduce labour costs. ... ', "Qualified doesn't equal experienced. ... ", 'Increase efficiency and competitiveness. ... ', 'Quickly implement new technology. ... ', 'Stay focused on your core business. ... ', 'Reduce risk. ... ', 'Level the playing field.']
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The advantages of total quality management (TQM) include: Cost reduction. When applied consistently over time, TQM can reduce costs throughout an organization, especially in the areas of scrap, rework, field service, and warranty cost reduction.
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The Cost of Quality can be divided into four categories. They include Prevention, Appraisal, Internal Failure and External Failure.