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Planned Value

In regards to project management areas, the term of planned value (also known by the two letter abbreviation of PV) is used by the project management team and the project management team leader to refer specifically to actual and finally authorized budget that is determined in the early stages of a project that is assigned by the project management team to the sum total of the scheduled work that is intended to be accomplished as part of the scheduled activity and or as part of the previously determined work schedule breakdown structure. The concept of planned value is of paramount importance to the project management team and it is essential to keep careful track of this. The term planned value can also be in some circumstances referred to by the project management team and the project management team leader as the budgeted cost of work scheduled (a term which itself is known by an anagram, in this case BCWS).

This term is defined in the 3rd and the 4th edition of the PMBOK.

Quality Audits

Audits are necessary in project management. There are different types of audits that are involved in a project life cycle and one of them are quality audits. It is a structured and independent process that is used to determine if a project activity complies with the policies, procedures and processes of the organization or project. There are many reasons why organizations should observe this particular project management process. Below are the benefits of doing quality audits.

  • It is used to identify the good and best practices being implemented in the organization or project.
  • It is used to determine the non-conformities, shortcoming, and gaps of the project.
  • It shares the good practices to the organization.
  • Provides assistance positively to improve the implementation of different processes to raise the productivity of the team.
  • Contributes to the repository of lessons learned of the organization.

Basically, the quality audits are aimed at correcting any deficiencies in the project that may result in the reduction of the cost of quality. It should be done randomly or at a specific schedule and should be conducted by either external or internal auditors.

This term is defined in the 5th edition of the PMBOK.