Glossary - 'Q'

• Qualified seller list The performing organization may have lists of qualified sellers, preferred sellers, or approved sellers. The qualified sellers list generally contains contact information, a history of past experience with the seller, and other pertinent information.
• Qualitative risk analysis An examination and prioritization of the risks based on their probability of occurring and the impact on the project if they do occur. Qualitative risk analysis guides the risk reaction process.
• Quality assurance A process in which overall performance is evaluated to ensure the project meets the relevant quality standards.
• Quality audits A quality audit is a process to confirm that the quality processes are performing correctly on the current project. The quality audit determines how to make things better for the project, as well as other projects within the organization. Quality audits measure the project’s ability to maintain the expected level of quality.
• Quality control A process in which the work results are monitored to see if they meet relevant quality standards.
• Quality management plan This document describes how the project manager and the project team will fulfill the quality policy. In an ISO 9000 environment, the quality management plan is referred to as the “project quality system.”
• Quality policy The formal policy an organization follows to achieve a preset standard of quality. The quality policy of the organization may follow a formal approach, such as ISO 9000, Six Sigma, or total quality management (TQM), or it may have its own direction and approach. The project team should either adapt the quality policy of the organization to guide the project implementation or create its own policy if one does not exist within the performing organization.
• Quantitative estimating Estimating on the basis of mathematical formulas to predict how long an activity will take or how much it will cost, using the quantities, units, or other metric of work to be completed.
• Quantitative risk analysis A numerical assessment of the probability and impact of the identified risks. Quantitative risk analysis also creates an overall risk score for the project.
• Quote (or quotation) A document from the seller to the buyer; used when price is the determining factor in the decision-making process.

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References:

• PMP Exam Prep, Fifth Edition: Rita's Course in a Book for Passing the PMP Exam by Rita Mulcahy.
  
• PMP Project Management Professional Study Guide, Second Edition by Joseph Phillips.
  
• PMP: Project Management Professional Study Guide, 3rd Edition by Kim Heldman.