ABSTRACT
The term’Tolerance’ is common to many project management environments, including PRINCE®. Tolerance can be set (a) for time and (b) for cost, to allow a Project Manager to make modest variations from plan or budget, which, as long as they stay within the pre-defined defined ranges (Tolerances), he or she can carry out without having to seek prior approval from a Sponsor. Note that you can also interpret the term ‘sponsor’ as the decision-maker or decision-makers for your project, such as your Steering Group or Project Board.
