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Resources, Risk & Procurement

Project Resources, Risk & Procurement Management Knowledge Areas

conflict management strategies project management PMP

Conflict Resolution Strategies In Project Management (PMP)

Conflict resolution is an art of recognizing and handling disputes in a sensible, efficient, and balanced manner. According to the PMBOK Guide (A Guide to Project Management Body of Knowledge) 7th edition, there are 6 conflict management strategies. These are: Confronting/Problem Solving Collaborating Compromising Smoothing/accommodating Forcing Withdrawal/avoiding Let’s understand the overall conflict resolution process and …

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difference between qualitative and quantitative risk analysis

Difference Between Qualitative And Quantitative Risk Analysis

There are many Project Management (PM) terms, which are slightly confusing and difficult to understand. Qualitative Risk Analysis and Quantitative Risk Analysis are two such confusing terms. I have written this article to distinguish and differentiate between these terms. In addition, you will find detailed explanation of qualitative and quantitative Analysis techniques along with suitable …

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fixed price with economic price adjustments

When is an Fixed Price with Economic Price Adjustment Contract Used?

Fixed Price with Economic Price Adjustment Contract Explained Fixed Price with Economic Price Adjustment Contract is a variation of the basic Fixed Price Contract (FP). In some of my previous articles, I have explained all the other variations of FP Contracts (as enumerated in PMBOK® Guide). In this article, I will talk about Fixed Price …

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Point of Total Assumption

How to Remember Point of Total Assumption Formula?

Point of Total Assumption Formula in Fixed Price Incentive Fee Contract How do you remember any formula? Simple! Understand the concept you will not need to remember the formula. I heard about Point of Total Assumption when I was preparing for PMP® Exam. At the beginning, it sounded very funny. One of the meanings of …

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fpif-contract

6 Main Formulas of a FPIF Contract

Incentive Calculation in a FPIF Contract In my previous post, I described Fixed Price Incentive Fee Contract (FPIF). In this article, I will discuss the formulas and incentive calculations for an FPIF Contract. Let me summarize the basic nature of the contract before getting into formulas and calculations. The basic nature of a FPIF Contract …

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fixed price incentive fee

What is a Fixed Price Incentive Fee Contract?

Fixed Price Incentive Fee Contract Explained PMBOK® Guide defines 3 different types of Fixed Price (FP) Contract. I have written about Firm Fixed Priced Contract (FFP) and Fixed Price with Economic Price Adjustment Contract (FP-EPA) in other posts. In this post, I will talk about Fixed Price Incentive Fee (FPIF) Contract. You should also read the …

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firm fixed price contract

What is a Firm Fixed Price Contract?

Firm Fixed Price Contract Explained I have written a number of articles on different types of contracts. In some of my previous articles I have explained Fixed Price (FP) Contract. In this post, let me describe Firm Fixed Price (FFP) Contract. Even though FFP Contract is one of the sub-types of FP Contract but it is …

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contracts types

PMP Formulas Behind Contract Types

Mathematical Orientation of Contract Types Procurement Management Knowledge Area of PMBOK® Guide defines 3 different Contract Types. I have already written two articles to explain these Contract Types. Contract Types explained through an Example Contract Types for PMP® Exam I have written this article to provide a completely different perspective to the Contract Types. This …

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project risk vs issue example

Project Risks vs Issues: Examples And Definition

A project risk is an uncertain event or condition that can have positive or negative impact on at least one of the project objectives whereas an issue (a.k.a. problem) is something that has already occurred or is currently happening. Risks are uncertain in nature i.e., they may or may not occur. There is probability attached …

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risk management strategy

Change your Project Risk Management Strategy

What is your Project Risk Management Strategy? “Duh! We will deal with the problem when it comes. Is there any other Project Risk Management Strategy?” In my experience “deal with the problem when it comes” is the most frequently used Project Risk Management Strategy (also called Project Risk Response Strategy). Most Project Managers (and other …

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