Final answer:
Six Sigma Project Management is the approach that derives from quality principles, aiming for minimal errors with a level of quality reflected in as few as 3.4 defects per million opportunities.
Step-by-step explanation:
The project management approach that derives from quality principles and refers to a level of quality so high that very few errors occur is Six Sigma Project Management. Six Sigma is a disciplined, data-driven approach and methodology for eliminating defects in any process - from manufacturing to transactional and from product to service. The central idea behind Six Sigma is that if you can measure how many "defects" you have in a process, you can systematically figure out how to eliminate them and get as close to "zero defects" as possible. To achieve this, Six Sigma uses a set of quality management methods, mainly empirical, statistical methods, and creates a special infrastructure of people within the organization who are experts in these methods. With a benchmark of only 3.4 defects per million opportunities, the goal is to improve the quality of output by identifying and removing the causes of defects and minimizing variability in manufacturing and business processes.
Other project management approaches include Lean Project Management, which focuses on cutting out waste and ensuring efficiency; while Critical Chain Project Management emphasizes on managing resources, particularly in terms of managing uncertainties in schedules and project timelines. Six Sigma differs in its core emphasis on achieving exceptionally high levels of quality. It consists of two project methodologies inspired by Deming's Plan-Do-Check-Act cycle: DMAIC (Define, Measure, Analyze, Improve, Control) for improving existing processes, and DMADV (Define, Measure, Analyze, Design, Verify) for creating new product or process designs.