A Project Charter is generally considered as a worthless document but it is one of the most useful documents for managing projects. A Project Charter is generally prepared at the start of a project. It is signed by the Sponsor and issued to the project manager. This document authorizes the project manager to use the … Read more Project Charter: Example, Template, Definition, & Purpose [PMBOK]
There is a difference between Project, Program and Portfolio but many people use these terms interchangeably in day to day conversations. Different companies use these terms differently. Many people within the same company use them differently. Usually, there is confusion around the meaning of these term. Each of these terms have a distinct meaning & … Read more 3 Key Differences Between Project Program & Portfolio Management
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 … Read more When is an Fixed Price with Economic Price Adjustment Contract Used?
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 … Read more How to Remember Point of Total Assumption Formula?
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 … Read more 6 Main Formulas of a FPIF 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 … Read more What is a Fixed Price Incentive Fee 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 … Read more What is a Firm Fixed Price Contract?
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 … Read more PMP Formulas Behind Contract Types
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 complete understanding of the Contract Types. PMBOK® Guide describes … Read more Contract Types for PMP Exam
You might be preparing for the PMP certification exam and want to know the difference between Work Performance Data and Work Performance Information. Understandably so. There are many confusing terms defined in the PMBOK Guide. PMP students often get confused between such terms as the definitions are often very cryptic. Work Performance Data and Work … Read more Work Performance Data vs Work Performance Information For PMP Exam