Quality management is the process of ensuring that the customer’s expectation of quality (for products or services being delivered) is met. Quality Glossary Definition: Cost of quality. Project quality management is the process through which quality is managed and maintained throughout a project. 'Cost of quality (COQ) is a technique for identifying the costs of meeting the requirements, including any necessary rework. What is quality management? The cost of quality is a way to compare planned preventive costs, or costs of conformance, with the corrective costs. The project management plan provides the scope, schedule, and cost baseline; all of which have an implication on the quality management plan. Just like the triple constraint (scope, cost, and schedule), you manage quality on a project by setting goals and taking measurements. With the rise of quality certifications like ISO 9001, more companies are taking a systematic approach to reducing quality costs. Do not skimp on critical tests. The American Society for Quality suggests that the Cost of Quality is usually around 15 – 20% of sales, often as high as 40% in some organizations.Clearly, you need to know what that means and how to prevent errors and omissions from hurting your business. The main output of this process is a quality management plan. The amount of time spent on quality should be commensurate with the size and complexity of the project. • Quality audits : Cost involved in evaluating the execution of activities in overall quality plans involved in the organization. The Triple Constraints. When developing a cost estimate, you need to consider all of the resources that will be used by the project. The project budget is based on the initial cost estimate of the project and usually depends on the efficacy of the project cost control – project cost control techniques are meant to make sure you cover all project expenses, including equipment, work hours, materials, and other direct costs while staying within the budget. Techniques 8. Quality metrics are crucial in project management. It is often useful to examine the components of the cost of quality: the cost of conformance and of nonconformance. Usually the cost is measured in currency such as the dollar, euro, or yen.But in some situations it could be measured using other units, such as staff hours.. As we know, the project management plan also has sub-plans. Any variance to the budget must be controlled by the controlling the impact of the cost changes. Project cost estimating is the process of approximating how much it will cost to complete the project activities. History 4. The quality plan has a direct correlation with these. Hint: PMBOK 5 page 235 Sec 8.1.2.2 Cost of Quality (11) The common tools and techniques used in both Plan Quality Management and Control Quality is: Cost-Benefit Analysis; Benchmarking; Seven Basic Quality Tools; Inspection; Answer: C. Hint: PMBOK 5, Page 230, Fig 8-1 Project Quality Management Overview This report will help you to learn about:- 1. Project quality management is a vital aspect of any project, yet it is often misunderstood or improperly applied. It is defined as the description of the attributes of the product or project. But the way the word is used in everyday life is a little different from how it is used in project management. There are many articles and books have been written about project management. Plan Quality process involves identifying which standard quality are relevant to the project and how to fulfill them. 4. While the context may imply that “quality” means “perfection,” in this case, is usually more about ensuring quality consistency throughout a project. Cost of Quality Overview. EUROPEAN JOURNAL OF OPERATIONAL RESEARCH ELSEVIER Journal of Operational Research 88 (1996) 320-327 Theory and Methodology Project management with time, cost, and quality considerations A.J.G. 5. And can cost your project, or your company money, this is called the cost of quality. *Cost of conformance should be < cost of nonconformance. The cost management plan should include the plan for controlling the costs of the project. Babu and Suresh suggest three optimization models as a framework to analyze the trade-off among the cost, time and quality factors of a project.

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