This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- The Cost of Quality is divided into the Cost of Conformance (proactive spending on prevention and appraisal) and the Cost of Non-conformance (reactive spending on internal and external failures).

- Prevention costs (e.g., training) aim to stop defects, while appraisal costs (e.g., testing) are for finding them before delivery.

- Internal failure costs (e.g., rework) are for defects caught before reaching the customer, whereas external failure costs (e.g., warranty claims) are for defects found after.

- Manage Quality is a proactive process focused on improving project processes to prevent defects, while Control Quality is a reactive process focused on inspecting deliverables to find defects.

- Key quality tools for the PMP exam include Cause-and-Effect diagrams for root cause analysis and Pareto charts for prioritizing issues based on the 80/20 principle.

For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep