Project Management

Running Head: PROJECT MANAGEMENT
Project Management
Name of the Student
Name of the University

1PROJECT MANAGEMENT
10. Progress / Control
10.1 Tolerances
10.1.1 Tolerances and their Usage
Tolerances are certain boundaries that are being set for a project so that it does not go out
of control of the project management team. Tolerances are generally applied on various project
attributes like schedule, budget, risks, quality and others that need to be fulfilled i.e. the target of
the team is to conduct the project such that it remains within the boundaries set as tolerance
limits.
10.1.2 Areas where Tolerances can be Applied
There are several areas where tolerances can be applied in a project that are as follows.
Schedule – In this project, the total duration estimated is around 35 weeks. However,
some of the major activities in the project may get delayed due to unforeseen incidents. As a
result, an additional two weeks of tolerance period is allowed so that the additional time taken
can be recovered while executing the project.
Budget – Similar to schedule, there are also certain unforeseen incidents that may occur
during the project. As a result, some additional costs are encountered resulting project over-
budget. In order to cover for these additional costs in this project, +10% budget tolerance is
allowed.
Risk – The risk tolerance for the project includes less than three critical risks that may
occur during the course of the entire project.