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Reserve Analysis is a technique used to:
A. Estimate Costs.
B. Estimate Activity Resources.
C. Plan Cost Management.
D. Develop Schedule.
Tip of the week: Use the ACORN Test for project charters
An important component of the project charter is a measurable project objective. Use the ACORN Test to check if the project objective is well‐defined.
Accomplishment: Focus on results instead of behaviours (“decrease complaints by 5%” is better than “increase customer satisfaction”)
Control: Define a project objective that the team can control. The team can control project costs but not foreign exchange rates.
Objective: Ensure that the project will be considered a success if the project objective, by itself, was achieved. Otherwise, sub‐objectives will need to be defined (not necessarily required to pass the O and R portions of the ACORN Test).
Reconciliation: Avoid conflicting with or duplicating the project objectives of other projects. Do not work in isolation. Check with other project managers.
Numbers: Quantify the project objective (“5% faster than the industry benchmark” is better than “improve system performance”)
For more on the Project Charter see: https://www.mosaicprojects.com.au/WhitePapers/WP1019_Charter.pdf