Ultimately, the tolerance level that determines whether a project is a success or failure. Each project should be given tolerance level for the variances on scope, time and budget. All plans are based on the best estimation. There is no perfect plan. Based on actual measurement or feedback from execution, the plans have to be changed to reflect the actual situation and what to be done next. However, changes should not be taken for granted. All measurements must have baselines. By comparing the baselines to the actuals we got the variances.
If there is no tolerance level set, we can not know what is acceptable or what is not. The tolerance level is how the project determined for effectiveness, efficiency and economical. The tolerance level on any of these is strongly influenced by how good is the stakeholder relationship. No mater how good is the product or work done, if the stakeholder relationship is bad, the tolerance level will not be high -- so, that means the project is already half way dying .... So, start from now, pay more attention to stakeholder relationship management!
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