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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 […]
Continue readingHow 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 […]
Continue reading6 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 […]
Continue readingWhat 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 […]
Continue readingWhat 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 […]
Continue readingPMP 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 […]
Continue readingContract Types for PMP Exam
3 Different Contract Types for PMP Exam Have you studied and understood Contract Types for PMP Exam? You can expect a few questions on Contract Types for PMP Exam. The questions on Contract Types for PMP Exam are relatively easy to answer. You should have a compete understanding of the Contract Types. PMBOK® Guide describes […]
Continue readingDifference Between Work Performance Data and Work Performance Information
Do you know the difference between Data and Information? Data and Information are common terms in the realm of Data Science. These terms have specific meanings. The difference between these two terms can be easily understood by looking at the above two images. In very simple language, we can say that Computing Devices need Data […]
Continue readingEarned Value Management Formulas
Quick Reference for Earned Value Management Formulas If you are looking for a comprehensive list of all the Earned Value Management Formulas, then you are at the right place. If you are preparing for PMP® Exam, you will find all the Earned Value Formulas. This article would provide you with a step up in doing […]
Continue readingEstimate to Complete – 3 ETC Formulas For The PMP Exam
Estimate To Complete is a very important Earned Value Management (EVM) concept. In this post, I will define Estimate To Complete (ETC) and explain its utility in project management. Estimate To Complete Formulas and other Earned Value Formulas are important for the PMP exam. Most PMP Study Guides just list these formulas without really explaining […]
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