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All Access PRINCE2 7 Terminology checklist – part 6
quality control
The procedures to monitor the specific products of a project and their development or delivery activities to determine whether they comply with relevant standards and of identifying ways to minimize causes of unsatisfactory performance.
quality management approach
The description of the quality techniques and standards to be applied and the roles and responsibilities for achieving the required quality criteria and acceptance criteria during a project.
quality planning
The capturing of quality specifications for the project products and generating the associated product descriptions and quality management approach.
quality register
A component of the project log that identifies all the quality control activities that are planned or have occurred and provides information for end stage reports and the end project report.
quality review
Quality reviews assess whether a product is complete, adheres to standards, and meets its quality specifications. They may need to be conducted at multiple points in the development of a complex product.
quality specification
A description of the quality measures that will be applied by those performing quality control and the levels that a finished product must meet.
quality tolerance
The permissible deviation in a product’s quality that is allowed before the deviation needs to be escalated to the next level of management.
Records
Records are dynamic management products that maintain information regarding project progress. These are collectively referred to as the project log and include the daily log, issue register, lessons log, product register, quality register, and risk register.
Reports
Management products provide a snapshot of the status of certain aspects of the project.
request for change
A proposal for a change to a baseline.
Requirement
A need or expectation that is documented in an approved management product.
residual risk
The remaining risk after the risk response has been applied.
Resource
The goods, services, equipment, materials, facilities, and funding required to complete a plan.
Responsible
The person (or people) who has the authority and is expected to perform a task. Responsibility can be delegated.
reviewer (in quality context)
A person or group independent of the producer who assesses whether a product meets its requirements as defined in its product description.
Risk
An uncertain event or set of events that, should it occur, will affect the achievement of objectives.
Risk is measured by a combination of the probability of a perceived threat or opportunity occurring and the magnitude of its impact on objectives.
risk action owner
The person who is the nominated owner of agreed actions to respond to a risk. This role is also known as the risk actionee.
risk appetite
The amount and type of risk that the business is willing to take in pursuit of its objectives.
risk budget
A sum of money to fund specific management responses to the project’s threats and opportunities (for example, to cover the costs of any contingent plans should a risk materialize)
risk evaluation
The process of understanding the net effect of the identified threats and opportunities on an activity when aggregated together.
risk exposure
The degree to which a particular objective is ‘at risk’. Risk exposure is a neutral concept, as exposure can be positive or negative.
risk impact
The systematic application of principles, approaches, and processes to the tasks of identifying and assessing risks, planning and implementing risk responses, and communicating risk management activities with stakeholders.
risk management
A sum of money to fund specific management responses to the project’s threats and opportunities (for example, to cover the costs of any contingent plans should a risk materialize).
risk management approach
An approach describing the goals of applying risk management, as well as the procedure that will be adopted, roles and responsibilities, risk tolerances, the timing of risk management interventions, the tools and techniques that will be used, and the reporting requirements.
risk owner
The person who is assigned to take responsibility for responding to a risk to the satisfaction of the relevant governance board.
risk probability
The estimated chance that a risk will occur. Probability is often estimated by considering likelihood or frequency.
risk profile
A description of the types of risk that are faced by an organization and its exposure to those risks.
risk proximity
How near in time a risk might occur.
risk register
A record of identified risks relating to an initiative, including their status and history.
risk response
Actions that may be taken to bring a situation to a level where risk exposure is acceptable to the organization. These responses fall into a number of risk response categories.
risk tolerance
A measurable threshold to represent the tolerable range of outcomes for each objective ‘at risk’, using the same units as for measuring performance for that objective.
risk velocity
How quickly a risk would have an impact on objectives should it occur.
Role
The function is assigned to a group or individual in a particular project. It is not the same as the position or job of a person outside of that project.
role descriptions
Describe the roles of those in the project management team and their specific responsibilities.
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