PMP Terminologies

PMP Terminologies
When we study PMP, we come across different terminologies. And
many terminologies when we read, it looks similar. But there are differences.
And these differences give the clear picture of concepts as well helpful for
the examination to crack.
Let us list one by one with series of articles.
1 Accuracy vs Precision
Accuracy is defined
as, "The ability of a measurement to match the actual value of the
quantity being measured".
Precision is defined
as, "(1) The ability of a measurement to be consistently reproduced"
and "(2) The number of significant digits to which a value has been
reliably measured".
Simple example is
measurement of temperature using Thermometer. If the room temperature is 22,
and the thermometer is showing the values, 22, 22.1, 22.2, 22.3, 22.4, 22.5, 21.5,21.6,
21.7, 21.8, 21.9, then we can say that it is accurate, but not precise. Because
the range is very high and no tendancy towards a particular value. But they are
very close to the expected temperature.

2 Grade vs Quality
Grade is nothing but number of Features in a given product.
Quality is how those features are performing.
Let’s take an example:
There are 2 products.
One is product A having five features and none of them are working as
per the requirement and lot of defects. The second one is product B having two
features and both of them are working perfectly without any defects. Now which
product is having high grade and high quality or which product is having low
grade and low quality? Yes, you answered correctly. The product A is having
high grade and low quality. Where as product B is of low grade but high
quality.
The better one to choose is high quality products. Here in
this case it is B.