[Tolerances are permissible deviations in time, cost, quality, scope, benefit and risk, agreed between the Project Board and Project Manager. These should be outlined in the Project Plan.
If the variance exceeds the agreed tolerance, then an Exception Report should be produced for consideration by the Project Board. This report should list the available options with a recommendation on how the project can proceed. An Exception (also referred to as contingency) Plan will replace the current plan reflecting the option selected.
Please consult the guidance document for further information on Exception Reporting, or alternatively contact the Programme and Business Management Office.]