Tag Archives for " Definitions "

3 Key Differences Between Project Program & Portfolio Management

project program portfolio

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 & […]

Continue reading

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

fixed price with economic price adjustments

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 reading

How to Remember Point of Total Assumption Formula?

Point of Total Assumption

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 reading

6 Main Formulas of a FPIF Contract

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 reading

What is a Fixed Price Incentive Fee Contract?

fixed price incentive fee

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 reading

PMP Formulas Behind Contract Types

contracts 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 reading

Work Performance Data vs Work Performance Information For PMP Exam

work performance data work performance information

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 […]

Continue reading
1 2 3 5