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What are the tasks of a Quality Assurance track in a software procurement, implementation and upgrade project

An organization (bank) is procuring a software from a foreign company and at the same time they are also taking a major upgrade for another software (core banking system). A team has been formed as a ...
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How to define a Test Exit Criteria?

How can a project manager specify a testing task statement of work for a fixed-price contractor? I'm hiring a contractor to do testing in my project. All other works like design, architecture, ...